This old Growing Money Blog post about how people hide their money at home inspired me to write an article about how people can use the coins they keep at home to benefit them in some way. I personally make use of an enormous glass coin jug in which I toss all my spare change when I get home for the day. So I wanted to write a post for everyone about how this jar has really helped me manage my money; when I cashed it in the last time, I had around $150! I used
that money to help pay off some of the costs of a trip to London later that year.
So, if you don’t already use a coin jar at home, you should try it out and see if you like it. They have lots of uses, and it can make keeping change fun, especially if you have a family. All you have to do is really commit to putting all of your spare change in the jar, no exceptions!
Here are a few ways a coin jar can be useful to your finances.
Pay the Bills
One way to use the coin jar is as a way to help yourself pay the bills. When you finally cash in the coin jar, after however long it takes you to fill it up, you should use the money to help pay off one outstanding bill. This could be especially good if you have credit card debt, as the coin jar could help to pay that off. Of course, you have to wait a while before you cash it in, so you wouldn’t be able to rely on it alone. Instead, it would just be a temporary and unexpected form
of debt-relief. Essentially, the coin jar gives you one free pass at helping pay off a bill. It’s a nice little break for your finances.
Another great use of the jar is as a treat jar. Before you put any coins in it, establish what you’ll use the cash for once it’s full. In my case, I used it for my trip to London, but you could use it for anything at all: a new phone or a nice dinner, for example. The great thing about using it as a treat jar is it gives you something to look forward to and also it encourages you to use your money wisely. Basically, any money not put in the treat jar cannot be used for treats. You can only use spare change for the treat jar, and you cannot take the change out until the very end. This can help you better manage how you spend your money.
Give to Charity
Finally, you can set up the jar as a kind of charity collection plate. Pick a charity to which you would like to donate the cash once the jar is full, and every time you have changes drop the change in the jar. Make sure you pick a charity that is close to your heart, as this will inspire you to constantly put change in the jar rather than let a few quarters go towards a soda. Donating to charity organizations is a great way to learn financial humility and teach you about your own financial priorities.
This guest contribution was submitted by Jamie Davis, who specializes in writing about masters degree. Questions and comments can be sent to: firstname.lastname@example.org.