Change Saving Experiment
One of my guilty pleasures is a subscription to Better Homes & Gardens magazine. I get hours of pleasure for less than one dollar a month ($22 for a 2 year subscription). When my magazine arrives I don’t even open it until I’m taking time to peruse it cover to cover. Once I’ve read it and its spent time on the rack in the bathroom, I clip interesting articles and tear out images to use in art projects later. Then the final farewell, the recycle bin.
Last year I read a Better Homes & Garden article titled
“Adventure in a Jar”. The premise is to save your family change in a huge container until you have enough money for an adventure. It includes clever ways to raise funds. In addition to typical methods like garage sales, they mention paying yourself for using coupons. Say you use a $1.00 off coupon during your next trip to the grocery. Put the dollar you saved your jar when you get home! If you’re feeling generous, contribute matching funds for your kids’ contributions to the jar.
The article made me wonder, how much money gets laundered? No, I’m not talking mob here. I regularly seem to find money, usually change in our laundry. (I know I am not alone on this!) I usually add the change, or occasional bill, to our change jar. But I never actually track how much money we carelessly toss around. The change inevitably gets used for parking meter money. First the quarters, followed by the dimes and nickels. The pennies never get used.
Last weekend I put a jar in near our washer and dryer to collect our freshly laundered money. I’ll keep track of the growing fund and keep you posted. My partner and I have been focused on saving and financial planning lately. Maybe I’ll transfer it to an ING Direct savings account and earn a little interest. Or perhaps when I reach a set amount, I’ll invest in a mutual fund. I guess it depends on how much money accumulates in the jar! Who knows where this experiment will end.
Interested in trying your own change saving experiment? Share your stories with other readers below!
I do not know if it is just me, but I must have read about half a dozen articles about “the jar” over the last couple of days. As romantic as all of these ideas sound (save little by little until you can buy a vacation with it, etc) it goes against the basic finance principles. It will take you forever to save up a few hundred dollars in the jar. Instead of having that money just sit there and lose its value, do something with it!
I use credit cards for almost all purchases so I do not get that much change. Still, as soon as I get 50c worth of pennies, I stick it in a roll and take with me to the bank next time I need to deposit something and exchange them for quarters that I am actually using for laundry and sometimes tolls.
We have two jars going at our house- but they are for kids under the age of ten.
My daughter gets small financial incentives for extra tasks around the house and is saving these quarters, dimes, etc towards her American Girl doll habit.
My son is saving up for “a bouncy house” but will be surprised to get one (sh! don’t tell) for his birthday. (Obtained for only $75 down from $200!)