It can be hard to save money (whether it's your emergency fund, paying cash for Christmas, or saving for your next car) and pay off debt. You might feel overwhelmed with all your current expenses and feel like you don't have anything extra to save for the future.
However, here's one easy trick to help you save money towards your goal – save your change! If you add an average of $0.50 in change to your change jar every day for a year, you'll have $182.50 saved without even missing it. This is a great way to save without even notice the money disappearing and create a daily savings habit at the same time!
Tips for Saving your Change:
Pay for purchases with dollar bills
Each time you make a purchase, use $1 bills (or $5, $10, or $20's) to pay for purchases. Don't pay with any of your change – instead save it for the change jar. Some banks also have a program to help you round up purchases into savings when you register for the program and use your debit card like Bank of America's Keep the Change program). If you prefer to use a debit card, check if your bank has a similar program.
You can also use an app like Acorns to help you round up your purchases automatically and invest the money.
Set aside a place to add your coins each night
Dedicate a container in a designated spot to save your coins. It's best if you can see through the jar so you can see your pile growing each day (and give you motivation to add more change).
Add money to the jar for additional savings
If you spent less on a category than you budgeted for the month, consider adding that saved money to your jar. For example, if you have an Entertainment budget of $20 and only spent $10, add the remaining $10 to your savings.
Don't raid the change jar
Unless it's an emergency, don't be tempted use the change for any purchases. It's only to be used for your goal, whether it be savings or paying off debt.
Have a plan for the change and label the jar
You'll have more success in saving your change if you know exactly what you plan on using it for in the future. As an added reminder, put a label on the jar so you see it every day when you add your change.
Find out how to deposit your change
Contact your bank to find out how you can deposit your change periodically into your savings account. Can you bring it loose or do you need to roll it? Avoid Coinstar machines since they take a cut of your cash (about 10%).
What about you? Do you save your change? Has it helped you increase your savings?