This post is inspired by Marcella! We had a great conversation about her penny jar and her unorthodox savings method. Let’s call her Marcy. Marcy likes to drop her pocket change into a coin jar when she gets home from work everyday. She cashed in her change jar at TD (formerly Commerce) Bank and took home a whopping $430! This was from her every day change.
We talked at length about using this as a method of simple, invisible savings. On the positive side you don’t realize how much your coins can potentially add up and chances are that you won’t miss it from one day to the next. You can hardly get a cup of coffee for under $1.00 so we’re talking about the most minimal sacrifice. On the flip side you may be saving but you are not being paid interest.
I thought about the lack of interest for a bit but decided against this as a drawback. I highly doubt that any of us would hop over to the bank on a daily basis to drop off our loose change. Also, have you seen my post on what banks are paying as interest rates these days? It’s totally not worth it.
So drop your change in the jar each day and cash it in every two months. You might be surprised at just how much you’ve had hiding with the lint in your pockets. Oh and when you cash in be sure to do it at a bank that does not charge. I am not a fan of Coinstar. Way to cheap for that.