I recently shared my latest supermarket misadventure where I had the misfortune of getting behind a nice lady who paid for her groceries with a giant bag of quarters.
I used that little episode to talk about about the benefits of Coinstar and why I have no problem paying their 11.9% fee. Needless to say, I was more than just a bit surprised when I got beat up by the majority of my readers for expressing such an opinion. In fact, most of them thought that was the dumbest idea since Coca-Cola CEO Roberto Goizueta’s boneheaded decision to reformulate the world’s most popular soft drink.
Okay, you got me; actually, they thought it was dumber. And that’s why, dear readers, today I’m going to attempt to get back in your good graces — at least with respect to the world of loose change.
Change jars are a fairly popular way for folks to save money. You know the drill: When you come home, you’re supposed to empty your pockets or change purse and then put the spare coins in the jar.
Of course, a big drawback to that savings method is that it usually takes an excruciatingly … long … time … before … you … see … significant … results.
Thankfully, there’s a way to turbo-charge your change jar savings rate: Simply avoid spending any dollar bills you get as change throughout the day. Then, after you come home and are ready to make contributions to your jar, be sure to include all of those unspent dollar bills along with your coins.
Oh, and if you have no singles in your wallet or pocketbook, then pull out a fiver and drop it in the jar. Some of you may recall that a couple months ago I highlighted this story of a lady who didn’t bother with coins and only saved the $5 bills she received as change during the day; she managed to save $36,000 over a 12-year period. Yes, really!
Anyway … saving loose change is great. But by using this turbo-charged method, I think you’ll be pleasantly surprised by just how much quicker your savings will grow.
And if you’re not, well … I’m sure you’ll let me know.
Photo Credit: ewen and donabel