I apologize for the past few Friday’s I have not made a finance friday post as I have been traveling. I have also been working on getting my business set up which I will update you all soon.
Just before getting into this I want to set expectations on this simple idea. I myself have a coin jar that I put my spare change into when I get home. The only time I ever purchasing things with cash is when that is the only option “cash only”. I typically purchase everything I can on my credit card to earn rewards points and I pay my credit card balance off in full each month so I don’t pay any fees or interest. It’s as if I am getting cash back or rewarded to shop.
You might remember growing up and seeing your grandparents have one of these or even your parents. As cash was used in almost all transactions. So if you still do use cash for a lot of your purchases at the end of every day, where do you throw your change?
As for myself I typically tap into my coin jar when I want to buy a bottle of juice from the store. The one that I like is $3 so I count out the change and head down to the store with exactly $3 in my pocket and purchase just the juice. Even though I am paying for it the feeling I get is as if I was getting it for free because I’m not using paper money or swiping my card.
If you have a lot of change another option is you can bring it to a local Coinstar machine (kiosk finder) and turn it into an Amazon.com gift card. From time to time there are promotions, like an extra $5 if you pour $20 in coins, and we’ll sometimes wait for those promotions before cashing them in. They’ll count your change for free if you turn it into a gift card.
There’s nothing else really to explain here it’s just a simple tip which anyone can do. So if you decided to save the money after it’s full, spend it as you go or use it to pay down debt it’s really up to you!