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Saving loose change is an easy way to help build your savings. Even if you make most of your purchases with plastic, there are new ways to digitally make loose change add up and save money. Whether you’re saving for a vacation, a down payment on a home, an emergency fund or just because, here are a few useful tips to help you start saving those coins.
This is a great tip for visual and tactical people. Keep a jar, bottle — or an actual piggy bank — in places where loose change tends to turn up, like your night stand, by the clothes dryer, or in your car’s center console. This way, when you find yourself with change in hand, you'll have a designated spot waiting to stash it.
You probably make several small purchases every day, whether it's buying coffee, lunch, or a birthday card for Bob in accounting. Money saving apps like Qapital can automatically round up your purchase to the nearest dollar, and then transfer the difference into your savings account.
Here’s how it works. Let’s say you just used your bank card to purchase Bob’s birthday card. Since it cost $4.26, Qapital will tell your checking account to transfer the 74 cents of change into your savings account. You just bought and saved in one move!
Think about it. If you saved $4 a day, you could end up with $1,460 at the end of the year!
If you don’t want to use an app or your bank doesn’t support this type of service, you can always manually make these transfers to your savings account at either the end of the day or the week. It’s a little more work, but your savings account will thank you.
This savings challenge can work whether you’re a cash or a digital person. You start by saving just $1 the first week, and then increase your savings by a dollar a week throughout the year. In other words, you’ll be putting aside $2 in Week 2, then $3 in Week 3, and so on, until you reach $52 in the final week.
By the end of the challenge, you’ll have saved $1,378.
Pro tip: Set a weekly reminder to transfer the money — or drop it into your piggy bank.
If you’ve been saving your coins, you can use a service, like Coinstar®, to convert your spare change into paper dollars (for a small fee). Coinstar can also convert your spare change directly into an eGift card. There are a lot of retailers to choose from and there is no fee to generate a card.
However, to avoid paying for your own money, take some time and roll the coins yourself, you can deposit them at your bank for free.
Saving is a key part of any financial strategy. Whether you are teaching children to save or planning a vacation, putting your spare change to work will help you reach your goal. Every little bit counts — literally!
Click here to learn more about saving and budgeting to accomplish your goals.
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