There has been talk for some time about eliminating the penny from circulation. Canada made this move On February 4, 2013 according to http://www.foxnews.com, http://www.bloomberg.com. http://www.mint.ca, and others. They decided to do it to save costs. It seems that it cost more than a penny to actually make a penny.
The United States has decided, so far, to keep the penny.
Today, I wanted to talk about change. Not change – like switching jobs or changing your clothes, but about the change in your pocket or purse.
Personally, I do not pay attention to change anymore. However, when I was buried in debt, I started a practice of not using change. It’s a great way to save some money without really thinking about it that much.
The way that I chose to do it was to use cash whenever I went shopping. After all, it’s harder to hand over a bunch of $20 bills which, by itself makes you think more about what you are spending your money on. I would use cash and when I received my change, I would put it in my pocket. If I went to another store, I would only use the bills and not the change for any purchase. By the end of the day, if I had gone shopping at four different locations, I would end up with a pocket full of coins.
I would take the coins and put them in a jar and not think about it. I was married in 2010 and my wife and I were going through some of the things in my house before the wedding. She was shocked when she looked under my bed and found jar after jar of change.
We took the jars of coins to the bank and turned them in. There was over $1500.00 in those jars. We used that money to pay for our honeymoon. A week on the beach in a condo in Florida. It probably took about three years to accumulate that amount. After that, I had my wife start doing the same thing. Now, every three months, we take our jar of change, bring it to the bank and put it in our savings account. Usually it is somewhere between $120.00 and $160.00.
You will be surprised how quickly change adds up. You can designate the change for a vacation, a car, or some other purchase. Once you get used to doing it, you really do not miss the change.