5 Reasons to Keep the Change

5 Reasons to Keep the Change

May 5, 2014 | Everyday Savings, Ways to Save

Do you tell cashiers to keep the change? Maybe you shouldn’t. You may not think a whole lot about your loose coins, but they can make a big impact on your life. By putting all your change away in a jar, you can save money over time to use on a new outfit or a nice dinner. You can even continue putting change in your jar and save for a larger purchase!

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If you aren’t sold on the whole premise, check out these top reasons to keep the change:

1. It’s Painless

Keeping your change and putting it in a jar is a very easy way to save money. Once it becomes a habit, you won’t even notice you’re doing it. Unlike putting large sums away into savings, keeping the change doesn’t impact the amount of money you have in a checking account or as cash. It’s almost like the money is free!

2. It’s an Easy Habit to Form

While you might not think about putting your change in a jar right away, you’ll form the habit fast enough. Once you do it regularly, you won’t want to stop. Start by emptying out your wallet at the end of the day or stashing a separate change purse in your bag in which to keep coins.

3. It Adds Up Quickly

You won’t end up with $100 in a month, but you will be surprised by just how much money you’ll end up with after you keep the change jar around for a while. What once was a couple of quarters and dimes will soon be enough to buy that pair of shoes you had your eyes on.

4. The Rules are Simple

You should definitely save money outside of your change jar—keeping the coins is just a bit of play money on the side. However, saving real money can feel challenging. You have to fit it in your budget and watch your checking account shrink as you transfer the funds to savings.

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Doing so also comes with a lot of rules. For example, most people save at least 10 percent of their net income, which can feel difficult those times when you have a big credit card bill or want to spend extra on a night out. Saving change doesn’t come with hard-to-follow rules. Simply never pay with change and store the coins in a jar or can (or whatever else).

5. The Money is Versatile

Your savings account is probably designed to help you store money for a new car or retirement, but the coins you keep can be used for anything! It’s not your primary savings plan, so it’s a little something extra.

 

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