Saving those Pennies (and Quarters too)

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In tough financial times, saving money is easier said than done. For the large majority of us, once we’ve paid the bills and bought the essentials, there’s just not much, if anything, left to save. Wouldn’t it be wonderful if we could save up at least a little money each month without even missing it? Believe it or not, most of us can.

Some people fumble around at the register just to dig out exact change when they buy something. But the overwhelming majority of us just fork over the closest thing we have in bills. When we get change back, we put it in our pockets and forget about it. Once we go home, it often ends up on the dresser. We may forget about it for weeks or months, or the kids might get it and spend it on candy or toys. Just imagine how all that change that we toss aside could add up over time, think about it.

Instead of leaving change lying about where it will get lost or pilfered, dig up an old jar, container or piggy bank and try putting it into there. Avoid spending it, and use only bills to pay for everything. If you’re consistent by putting all your change in there, you’ll be pleasantly surprised at how quickly it fills up. You might even find that you need a larger container if you want to save for any length of time!

Saving change is also a good way to start an emergency fund. It may take a few months to get started, but saving up slowly is better than not having any money put aside at all. Be extremely patient on this task. Once you’ve saved up some change, you could roll it up and put it into an interest-bearing savings account or a short-term investment vehicle to add a little more to it.

Try saving your change and follow this exercise for a year, be diligent. And if you have an extra dollar bill or two, feel free to put that in your savings funds too. Just resist the temptation to borrow from your fund, and let it keep growing. At the end of the year, you could have enough money to buy something nice or put towards your Christmas shopping. And if the entire family contributes to the cause, you might even end up with enough money to take a vacation! Okay, maybe not that much, but enough to put towards a family outing or activity.

For Those Who Don’t Use Cash

If you don’t usually spend cash, it’s still possible to save up your change. Those who keep most of their money in a checking account round their checks up to the next dollar when subtracting them in their registers. This leaves them showing less money than they actually have in their bank accounts. It takes some getting used to when balancing your checkbook, but once you get the hang of it, it’s a great way to save change without actually using cash.
Some banks have also begun to offer programs that help account holders save change when using their debit cards. They round each purchase up to the nearest dollar, then transfer the difference into a savings account. Check with your bank to see if they offer such a program.
Even the most careful budgeter can lose track of change without even realizing it. By making a conscious effort to save your change, you can accumulate quite a savings in a year’s time. And best of all, you’ll probably never miss a few cents here and there!

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