Save all coins at the end of each day
This is not only a great way to save some pocket money but also a great way to make your wallet/purse lighter and you life a little easier.
One should not generalize, but women tend to carry pretty large wallets in their purse, filled with credit cards, loyalty card, photos and other stuff which is rarely used. On top of that purses have that zipper pocket were all coins go to die making that wallet even fatter and almost impossible to handle. Things get even worse when it comes to men since we usually carry our wallets in our pockets and big fat wallets full of coins make for abnormally big bumps on our jeans, which lets face it, DON’T look good.
Well this technique will not only help you save some money but it will also put an end to this problem. The method is pretty simple. Every day, by the end of the day, empty your wallet and save all coins, it’s that simple. If your currency is the Euro instead of the Dollar you can simply save all coins smaller than 1€.
Put those coins in a jar or a piggy bank every day and soon enough you’ll start seeing how it fills up. After a while I found the easiest thing to do with those coins is simply take them to the bank and deposit them into my savings account.
It’s worth mentioning that this method might not work as well, or even not at all, if your currency doesn’t rely much on coins, which seems to be the case more and more every day. The US dollar for example has a $1 bill and therefore uses a lot less coins than the euro, but even in countries which use euros smaller coins such as 1c, 2c and 5c have virtually disappeared and my guess is that other coins will follow the same path in the near future.
How much can you save?
It’s hard to estimate how much you’ll be able to using this method.
First thing to consider is how often you use cash. If you are a big believer in paying with card and rarely use cash you’ll probably find that most days you wont have any coins to save. On the other hand if you use cash regularly this method will guaranty that you at least save something each day, some days it might be a bit more, others a bit less, but overall you’ll find this to be a very consistent saving method.
Then there is also the fact of how comfortable you feel using change during the day. If every time you get to the counter you start counting cents to match your total you’ll probably end the day with fewer small coins than if you prefer to leave that counter asap and pay with a larger coin or bill even if you know you’ll probably could find the exact change somewhere in your wallet or pocket.
I can tell you how this method worked for me though and this will hopefully give you an idea of the power of this saving method.
I use cash for most of my transactions, and I rarely look for change in my pocket when I get to the cashier. Bills and coins down to $1 are usually the smallest I’ll handle to the cashier. With that in mind, during the last 12 months I’ve managed to save 421€ using this method. Surprised? Well I was too when I started counting! 🙂