Most people have forgotten the good old practice of collecting loose change. When collected over a long period of time, pennies, dimes, nickels, and quarters can amount to a substantial amount of money. It can also act as your own little emergency fund – it will help with urgent expenses without you having to run to the ATM.
The economy is unpredictable and ups and downs can severely affect our financial resources. You may invest in stocks and bonds, but those are also risky. If you value and respect money, then you will understand that collecting change is a good money saving technique that not just your twelve-year old but even you can benefit from. It inculcates a habit of saving, which will serve you well in your bigger financial decisions.
As kids, we all had our piggy banks – our kids still do, but they also have access to our credit cards and are becoming irresponsible when it comes to money-management. It is not surprising that a lot of young people are under huge debts. People are not even aware when they are exceeding their credit card limit, until they realize it while making yet another expense. It is time this attitude is changed and we start from the basics – and what better than to start saving by collecting loose change.
There are many places in your house where you may find change lying around. Look under your couch cushions for starters – if you haven’t cleaned it in a while, you will find coins that would have been lying around for months. Next time you do your laundry, look into washing machine and dryers. Also watch out for change on laundry mats. And of course, every time coins are making your wallet bulge, take some of them out and put them in a box. After you have amassed a good pile of loose change, you can get them converted at your local bank or grocery store.
Encourage your kids to collect loose change. Kids are great at spotting money and by Christmas, they would have saved enough to pay for all those presents. Wal-Mart founder and billionaire Sam Walton always stressed on the importance of loose change and would not hesitate to pick up a nickel lying around on the pavement. A change in your attitude towards coins will go a long way in helping you realize the importance of saving and respecting the value of hard earned money.
I have a coffee can that I have just started to fill up. I have tried this before but never really followed through. However, now the money is going into my ING account and I will use some of it towards wedding expenses, if necessary. It has become a fun and painless way to save money.