Friday, February 06, 2009

A coin jar adds up to more than just saved pennies

Given my new mission, I was mulling over changing the name of this blog to better reflect my goal of linking behavior and spirit to building wealth. Then as I thought about it, I realized that a coin jar is actually a pretty good example of that alignment. Here’s why:

It’s easy to start. You can use just about any container you find hanging around the house to hold your coins, which removes a big barrier to saving and building wealth: Just getting started. I use a medium-sized white porcelain bowl we got as a Christmas gift one year, and I’m not even sure how it ended up being my container. But I need something bigger because it's overflowing.

It’s habitual. Many people keep their containers close to the place where they empty their pockets each day, so they can toss coins in automatically. My bowl is in my nightstand, where I put my cell phone, Ipod, and employer security badge each night after work. When you make saving part of your normal routine, you give yourself a great chance of being a successful saver.

It builds up over time. Coin jars teach a valuable lesson: Wealth-building requires action and patience. You won’t get rich quick by saving pennies a day, but you'll be surprised at just how much your spare change adds up to over a long period of time. And that’s true for any type of saving, whether it’s a down payment on a house or your 401(k). Little things mean a lot.

So nothing's changing: The Coin Jar is here to stay. (Good thing, too, otherwise I’d have to write off as a loss all those Coin Jar t-shirts I printed up…just kidding. ; )

How much money have you saved using a coin jar? Have you ever used the savings to purchase a big-ticket item, like a TV or computer? E-mail me your story and make The Coin Jar Honor Roll.

10 comments:

CJ said...
This comment has been removed by a blog administrator.
On the Money said...

I keep coin jars. One is for copper pennies - lowest UK denominations - and after a couple of years I'd built up £47. The other takes the lowest silver denomination coins (5p) and apart from being raided every time I'm a fraction short of necessary change (exact bus fares, etc), has probably amassed several £ Sterling already. And you don't miss these coins if you toss just a few in each day. Thanks for your thoughtful post.

SimplyForties said...

Good analogy. I don't save my change but I do save a good portion of my income. It definitely is a habit that take nurturing!

Deals Hunt said...

Sound good!! you can also put your money in bank locker to save.

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Save your pennies.