In times where every dollar counts, people tend to look for ways to earn extra money and put some aside for savings. Collecting loose change is an easy and great way to help put aside some extra money.
What many don’t realize is that by collecting loose change, is you can add a nice boost to your savings or set aside enough money to purchase those coveted items that they don’t have enough money in their budget to buy. Collecting change does not sound like a lot of money can be saved, but if you are diligent and committed enough, you’d probably be surprised how much you can accumulate at home over a period of time.
5 Ways to Boost Your Savings with Loose Change
1. Do a Big Sweep
If you do a semi-regular big sweep through your house, car, pockets and purses, chances are you are likely to find an abundance of coins lying throughout. A good time-frame is to scope out the loose change at least once a month, this way you can steadily collect coins and add them to your piggy bank.
Hans / Pixabay
2. Keep the Change
Every time you go shopping, where does your change go? If you are like many people you probably either lose track of the change, it ends up going through the wash or you spend it immediately so you can empty out your pockets. Whichever the case, the money is not saved to any levels of accumulation.
If you consider how much money all the change from shopping equates to, you’ll probably discover over the course of time it will total a nice tidy little sum to add to savings.
Ask the Family to Join In
When everyone in the household contributes to collecting loose change, this can significantly boost earnings. Savings can either be split or used towards a family vacation, new TV, laptop or other family based purchase. The more family members who join in, the merrier, and the fatter the piggy bank will become.
Save Extra Cash
Any extra money you come across can be added to your loose change fund. For instance if you receive money as a gift or find ‘lost’ money that you’d forgotten about stuffed in a pocket or bag, these are good opportunities to increase savings. Anything extra you didn’t miss anyway and can be contributed to your coin savings venture.
The key to successful savings through accumulating loose change is to be consistent, do not tap into your newfound savings. Make a promise to yourself to leave it alone. No matter how tempting –don’t touch it. Instead, make a pledge to yourself to either save the money for something special or commit yourself to adding it to grow a savings account or other investment. If you continually deplete coins from your piggy bank, this will make your overall goal to increase savings fail.
The best way to do this is to pretend the money isn’t even there. After a few months you’ll likely find your savings have increased by a nice amount. When the bank is full, you can either use it towards your desired purchase, or deposit it into a savings or investment account so it can earn interest and grow with other money you may have put aside.
Leigh has been writing on the web since 2007. She has a high interest in business, tech, higher education, and Washington D.C. and Northern Virginia travel, but loves to write about a variety of topics. In addition to writing on Writedge, she also runs a blog about the Washington DC Metro Area and a photography blog Photos by Leigh Goessl.