YOU In Bloom ~ Clip it to the Bank
Pinch Your Pennies with a Piggy
Many of you likely have a “coin jar” that you toss change into now and again. Maybe you use this to grab quarters for the parking meter, the laundry-mat or maybe you save it up for a long term goal. Regardless of it’s current function, what I’ve learned is that when used effectively, the “adult piggy-bank” can actually save you a substantial amount of money over time. As a regular couponer, I am sure that you already know that even the smallest amounts will eventually add up to BIG rewards. Below are a few tips to help transform your piggy bank into your next family vacation:
1) Use cash for regular expenses…. Save your plastic for the big purchases.
Using an all cash method has many budgeting benefits, but for the purpose of the piggy bank, cash creates coins…. And that’s what we’re after.
2) Save your leftovers
Any bills left from your weekly budget? Don’t spend them, add them to the piggy bank!
3) See a penny, pick it up, all day long you’ll have good luck…. And more change!
This may sound ridiculous, but my kiddos and I are always on the hunt for abandoned coins. You’d be amazed how much money is out there waiting to be discovered! 🙂 Some hot spots are soda/vending machines, in or under seats (anywhere from the airport, to the city bus, to the sports stadium), car washes, fast food drive-up windows, and parking lots.
4) Set a goal
Make sure you know what’s waiting for you at the finish line. It’s much easier to accomplish a goal when you have a clear reward ahead. If it’s a vacation or a big ticket item, stick a picture on your fridge or even in your wallet for added inspiration.
5) Make some bank… from your bank
Some banks offer specialized saving plans that will round-up dollar amounts to your savings account, pay small dividends for debit purchases, or match a portion of your transfer amounts. Check with your current bank to see if they offer any unique saving’s bonuses like these.
Do you have any tips for getting the most out of your piggy bank? Please share!
Hmm, I do understand where you are coming from and it’s good. We do things differently though. We charge EVERYTHING! I mean even $2. We used to get TRU bucks back through our TRU credit card. Last year Santa was able to bring our kiddos a PS3 with no additional money out of pocket. We only bought what we would have bought anyway but we got some back. Granted, it was a big year, braces for DS, surgery for DH… you get the picture! We use a ledger system so we keep track of what we charge each month.
Wasn’t quite finished but DD wandered in and had to submit real quick. Anyway, we pay the cc off EVERY month. If you don’t, it’s no longer working for you, you are working for it. The ledger is like a checkbook. When I don’t have money, I don’t charge. Same as if you were writing a check or paying cash. Just don’t be tempted to cheat. You will lose. We switched to a money back card in January so we could use our money anywhere and not just TRU. It’s been nice to have that little extra at Christmas and we made it on stuff we were buying anyway.
we use our crd as well. We have bank that has an AMAZING points system with our check card which turns itself into at least $200 in gift cards a year!
Same here. I also save my change as Collin was mentioning in the post. It’s amazing how quickly it adds up. I use one of those little banks that puts it automaticallly into coin rolls. It eventually goes into savings.
I agree (as long as you can be disciplined). I used to be a rabid “pay everything by cash or check” until I got a few gift cards from our credit cards. When I realized that I could pay our bills automatically by cc, and get rewarded . . . yippee! But definitely make sure it’s kept in control. Luckily my husband & I are cheap, cheap, cheap!
We do the same thing and we earn a LOT of $ this way!
When I was single, I had a credit card that actually let me receive cash back after accumulating so many points. I have always been frugal and at the time got paid once a month and I used my credit card for everything, but paid it off at the end of the month.
Now that I am married, we are on a basically all cash system other than gas. My husband tells all his friends that he gets an allowance ( although he is the one working 2 jobs) but in reality, it is self- imposed; he doesn’t trust himself to save!
I use a piggy! I like the fact I can’t see how much is in there and then one day SUPRISE!
I am finally out of debt and it took paying cash for everything, not unless it was an emergency. I realized what cash was, made me think about things more before I purchased them. I do pay cash and the change I get back I save at the end of the month I wrap it and it goes in savings, it adds up. I have my hubby now as we walk threw parking lots looking for change surprising what you can find. He even found a wallet and we returned it to its owner. Great advise.
I got out of debt as well and have survived on cash only purchases (meaning using debit card or actual cash) on a much more modest income than we’ve ever had in our lives. I wonder why I ever thought I had to finance anything.
No one needs a credit card. No one. A debit card with cash back rewards can accomplish the same thing.
The only way to win with a credit card is to pay off every month and if you have the cash lying around in your checking for that long and haven’t been tempted, you just haven’t been married or on your own long enough and lived through enough “emergencies.” I’ve been married 21 years and I’m here to testify that just ponying up the money all at once and moving on with your life is the way to go. It’s a proven fact that people spend more when they spend plastic and no one is a saint. I’m sure I would save even more if I went to an all cash system. Some paydays I do exactly that, and I always end up retaining more money than if I had used my debit card.
Meh, I dunno about the cash system for my family. We get cash rewards on our credit card, so we use it for everything.
Oooo! My husband thinks I’m ridiculous, but I will ALWAYS pick up a penny I see on the ground (even when it’s the middle of the summer, and that coin is HOT!)
There is also a website called http://www.paybillswithcoupons.com. Shows you how to save on your most important bills such as retirement and life insurance.
We use cash for almost everything. For my weekly expenses like groceries, cvs shopping, coffee money and lunch money, we pay cash. I have a set amount of money every week for those things. It’s like an allowance. I put them in envelopes marked for each expense and when the money is gone it’s gone. We have to wait until the next paycheck to get more. It has really helped us not to go overboard with the credit card. I only use my credit card all the time for gas, mostly because I am lazy and I don’t feel like going inside to pay LOL. But, I pay that off every month. I also use credit cards for big purchases or online purchases. I really like using cash for everyday things. It makes me stop and think “Do I REALLY need to spend money on this?” Swiping a card is just to fast and I get into trouble. It dosen’t feel like I am spending real money. In our house we don’t use credit cards unless we can pay it off the entire balance when the bill comes in.
I use my credit card for everything and I have very good cash back. But it only works if I pay my full balance each month.
We use our credit card for most everything also as we also get a cash reward. The credit card is paid in full each month. I have had a credit card for 30 years now and am very proud to say I have never paid a single penny in interest on any credit card. If I don’t have the money to pay it off that month, the purchase is not made. My husband and I have a running contest each year for the past 5 years or so. We each pick up coins we find throughout the year and keep a running tally. At the end of the year whoever has found the most money is treated to the New Year’s eve dinner by the loser. Unfortunately, the lax employees where my husband works often do not take their change from the vending machines so my husband makes a hauling at times. I subsequently have lost the past 3 years to him but it is still fun for both of us. The extra change goes into the offering plate at church with a nudge and a smile from the one putting it in!
you and your husband sound very cute:) keep up the fun things!
We’ve got a three-way system going on: 1 – Credit card for gas and some bills just like the others on here for the points/cash back. 2 – Everything that goes through our checking account I round. Money out I round up to the nearest dollar and money in I round down to the nearest dollar. We have a several hundred dollar cushion in our checking account because of this. 3 – Cash for desinated “fun money” or specific items. We use the quarters to wash our large comforters at the laundromat every so often and a little extra “fun”.
We used to use credit card for everything to get rewards, and we always paid it off, but I wondered how often I spent more than needed because I could just swipe the card. So, I tried using cash for groceries, and I tell you, it really makes you realize how much is being wasted on non-essentials. I know, I can hear you all saying “but I still am conservative with my card”. I thought I was too, but I have really been able to spend less with cash. As Dave Ramsey said “I’ve never heard of anyone getting rich on rewards.” Just something to think about!
Oh yeah, and I never make exact change. The coins go in my pocket at the store, and in the piggy bank when I get home. Amazing how fast that adds up- it is my fun money- just for mommy, no guilt!
Funny, I’m the exact opposite. 🙂 If I have cash in my pocket it burns a hole in there and I can’t spend it fast enough! I’m WAY more conservative with the credit card.
I am not a huge Dave Ramsey follower, but he’s absolutely correct. I had a post office employee try to convince me how much money I would be saving by using a Shell card to buy gas and getting rewards back. Of course, some Shell cards will only work for gas purchases, but I still don’t feel that anyone “makes out” with a rewards program.
Statistics show people spend more just by using plastic whether debit or credit. I’m sure I would still buy the same amount of gas, but it’s worth a thought or two when you are at the grocery using a debit card. Suppose the total comes to $100 and you swipe the card and move on. If you carried in $80 in cash you may make more structured choices and make do without the extra.
Last, but not least, people discount the fact that time is money. It takes time to keep up with all those debit/credit card receipts and keep a tally of what is spent for 30 days. Then the CC companies are always making offer after offer when you carry a card, in addition to privacy notices, notices about agreements, etc. A prudent customer should read all of them, which merely discounts the “rewards” being earned because it wastes time.
I understand that we need plastic to make reservations, etc. However, those occasions are not all that common and there’s just a finality about cash and not having to revisit a purchase again.
I hear you, but I have several friends who have done quite well with setting their finances straight using Dave Ramsey’s Financial Peace system. Now, one of them is having trouble buying a car that is an emergency situation, because they have no credit. So, I think credit has its place in this world we live in now. I’m the Denise in the original post and yes, we do pay our card off every month and we have survived many “emergencies”, but I’m married to an accountant! ;0) He’s the one who keeps the purse strings pulled pretty tight. I’m sure I do make purchases more with the card though. However, I’m sort of like Micki, I tend to not want to spend my cash. If I do that means the extra work of cashing a check at the bank, or grocery store and that is a hassle to me. Funny what is easy for one is a pain for the other! All these differences are what makes the world go round, right? Love reading all the different opinions!
I have a hard time envisioning someone actually abiding by the Dave Ramsey system not being able to purchase a car. A car is not an emergency. Even if your car is paid for, you should be anticipating the day when you need another, either by saving for repairs or for a new (er) one.
DR says 6 months of living expenses for savings. 6 months of most incomes would easily purchase a second-hand car. I have driven the same car for almost 9 years and only purchase tires, oil changes and brakes. My brother is a mechanic and would flat out tell me if anything more is needed.
I haven’t really gotten into Dave Ramsey; maybe it’s my vanity. But I do believe that people who actually abide by his principles come out ahead. Perhaps your friend just had not had the chance to save enough money, in which case, the Dave Ramsey program could not be to blame.
Since this thread started, I have been looking at some of his principles. On rewards cards and credit cards he says:
You do not build wealth with credit cards. Use common sense. When you play with a multi-billion dollar industry and you think you’re going to win at their game, you are naive. You cannot beat the credit card companies. (Dave Ramsey’s words)
I can personally attest to this fact. I have worked with and for CFO’s, controllers and CPA’s. I have been told straight up by the large financial institutions I have worked for that they do not prefer customers who pay in full. Indeed, it is becoming an industry practice to reduce the rewards on cards that are always paid in full and charge additional fees on them. Credit cards have been around since the company store basically. I am not so naive as to think there is a long-term way to “beat” these people, just as many of the gains we see from coupons are not long-lasting.
I personally will NEVER EVER finance another car. I just know too many people who are 50 and have never had a car loan. I feel exceedingly stupid for ever borrowing money for a car and am just a few payments from paying off my house.
Indeed, having worked at banks, I can also attest to the fact that having a pulse will qualify you for a lot of car loans. Cars are collateral and easily repossessed. Persons with bad or no credit might pay a higher interest rate, but even very young people working at McDonald’s get car loans.
Oh, I’m not saying it was DR’s fault. Sorry if I led you to believe that. We have several friends that have seriously set their financial lives straight by listening to him. Just that without credit and yes, not enough time to save, it was a problem for this couple. They are a young couple with two small children. One child had extensive hospital stay last year that ate up a LOT of their emergency cash. Then there was a wreck that took the car. Just a bunch of rotten luck. I just meant that maybe it’s not the end of all financial security to have a credit line established, just in case. This woman told me her problem herself and I have no reason to believe she is lying about not being able to get credit, but only she and her husband know for sure I guess.
I’m not trying to get rich using credit. We are in our 40’s with NO debt. Just saying, if I am buying groceries and can get cash back on my card with no annual fee, I’m going to do it. To each his own, right? My way doesn’t have to be your way, but we can all be happier when we try to lower how much goes out of our pockets for non necessities.
i am 32 years old with four children, we started having children young, we live payday to payday with few luxeries, and we don’t drink smoke or do starbucks. there is zero chance of us having 6 months expenses in savings, we are lucky to keep the 100 minimum to keep the account open. hopefully when we are older, but for some folks, it is just not realisitc. and no credit can be a bad thing. my uncle works at boeing, built his house from the ground up, they have never had a CC a house payment or a car payment. he wanted to purchase a car on credit and was denied repeatedly.
I have six kids and there’s always something coming up. We too have no prayer of having six months of living expenses saved up any time soon!!
Before my daughter was born my husband found a pig bank in the sports store that said Future St. Louis Cardinals Fan so he had to get it for her. Now all the change I find goes in it. Plus when we’re with grandpa and he gets change he gives it to me because he knows it goes in her pig. When she gets $25 we go to the bank and buy her a savings bond. We also buy her a bond each birthday and Christmas. We’ve also got our family doing it for the kids. It saves on having gifts they don’t want and they never know the difference. By the time the bonds mature they can buy a car or put it towards college.
I’ve just recently started submitting rebates – I wasn’t a huge believer before – and I’ve decided to save all those and put away for a nice camera. I know it will take me a while, but now I get so excited when I get a rebate check that I can add to my camera savings.
I love rebates too! We have over $400 for our vacation in August, yeah!
I just blogged today about saving the money I get back from customer service when I am onvercharged for groceries. I’m going to save it for a year and see if I can buy a months worth of groceries that way, we’ll see.
Sometimes playing little games to save money can make it really fun.
My husband and I don’t spend our change. When we get coins we come home and put it into a shoe box. We just turned in 4 large shoe boxes. We were saving to get our kitchen remodeled. We were shocked to find almost $1600 in coins. That will help in our remodel. The bank was happy to take it. It was free to turn it in there. No coinstar for us.
my bank, Chase, absolutely will not accept loose coins that are not rolled. I have seen them turn away a child trying to put a baggie of money into a savings account. I’m not sure I could roll 1600 in coins, but I wish I had it to try:) congrats!
As a bank teller and a couponer/coin saver I would be both annoyed and happy for you. LOL! To save yourself and the teller a LOT of coin rolling, some banks offer free coin machines even if you don’t bank there. Just FYI. Congrats on the savings!
We do have a “piggy” bank we collect change in, and I have started saving all my one dollar bills as well. Any loose singles go in with the change, and it does add up after a while. 🙂
Oooo, that’s a good idea with the $1 bills. I used used a ton at the store today to empty out my grocery cash envelope of them…but to add them to the change jar – I love that idea.
YOU LADIES ARE SOOOOO ON TOP OF THINGS!!!! I TOO PICK UP CHANGE IN PARKING LOTS AND DRIVE THRU’S. WHEN I PICK UP COINS I SAY “GODS ABUNDANCE” AND NOW MY KIDDOS DO IT TOO. SOME GREAT ADVISE….KEEP IT COMING!!!
My dad used to pick up loads of change in the drive thru. I dropped some money a few days ago and there was a lot down there already!
I save every penny I see or get. The day my son was born we got a piggy bank from my in laws. That day I made a goal for myself to fill that piggy every year by his birthday. It’s pretty big but last year on his first birthday it was 90% full. We took that pig to our credit union and opened him a kids CD that earns interest and rolls over every 90 days. He had about $300 in there! I also asked for a handful of spare change instead of presents from family members that came to his party. It saves with figuring out gifts and too many toys! This CD has a program where if you deposit $5 or more in one day you get a “buck” save 30 and cash it in for a $20 gift card to Walmart. I hit the bank a few times a week and always put in at least $5. I only need one more to score the gift card. This year when we dump his piggy on his birthday we will be over $1000 in his CD. I’m hoping we can get $1000 a year in there for college! Plus he LOVES putting coins in that fat piggy!!
I keep lil jars wherever I know I’ll find lots of loose change like by the washer or my husbands bedside table. Then every so often I empty em into one big jar, then at the end of every month we put the money into our daughters savings account for their quencineras.
I use a combination of cash and credit card (Discover, paid off every month and I earn around $200 cashback per year). I keep all my change and roll it a couple times a year and cash it at the bank – usually around $60 each time. Last year I found around $4 in change on the ground throughout the year (I call it COTB, “cash on the barrelhead”). I cashed in nearly $600 in rebate checks. It all adds up!!
We must be twins 🙂 Oh, and we have charged electronics/appliances on our Visa/MC because in the fine print of the ‘benefits’ they double the warranty. Hardly anyone knows about it or believes me when I tell them. We used it several times, and even though it is a pain paperwork-wise, it really does pay off. We haven’t had to use it recently – so check with your credit card companies if they offer it; maybe because of all the financial turmoil – they could have ‘eliminated’ the benefit?
We save change in my family too. But we don’t touch it until the week we go on vacation and then use that as going out money! It’s nice we only go somewhere once a year so we usually have $300+ saved up!! Also we always pick up change because they have God’s name on them & his name should not be in the dirt : )
Amen! That reminds me of an email someone sent me. In it there was a wealthy guy and someone questioned him as to why he picked up change he saw on the street. Obviously he didn’t need it, right? He said he picked it up because it said “In God We Trust” and that always reminded him to always trust in God. He figured those coins were little reminders sent from Heaven just for him!
I read that in an email. Now when I see a penny thats the main reason I pick it up…Gods Name.
I am a credit card girl…everytthing goes on it, we pay it off! We are saving the reward $ for Chrismas….we have over $100 right now! We earn about $20 a month! The gift cards we get will be more…plus I am keeping swgbucks and now have $15 for Christmas gifts and can’t wait for another great amazon deal like the Alvin movies and Club Penguin for DS!!!!
we too use the credit card for all purchases and then use the points for great vacations (our splurge)
I think it is important to realize that every way is good as long as it works for your family and your desire to know where you money is going and how to save best. We all have different personalities and it works differently for all of us. I really noticed that with my children – one needed the envelope system in order to “see” the money, one did just fine with a debit card ad the other with a checkbook.
I put everything on my debit card. My bank will round up to the next dollar and put the change into my savings account. When I get gas, I always try to get $xx.01 so that 99 cents will go into savings. Then on my anniversary date, the bank matches my annual “keep the change” amount by 5%. Doesn’t seem like a lot, but when you use the card a few times a day every day.. It’s easy to get $50 back.
Oooh. What bank is that?
i am a plastic person so rounding purchases to the even dollar when doing my bank records saves the change. there is also a swear jar aka my daughters college fund where any off language or overused slang results in a quarter donation. it works great considering that my hubs is military and we entertain sailors a lot!
swear jar is a great idea, i need to get one for myself. instead of getting angry or sad, i tend to curse…oops.
When we were first married my husband was really irresponsable leaving anywhere from a buck to $20 on the dressor or in his pockets. I stashed it – saving $3000 in 5 years! I went and bought him one of the massage chairs, he was DIEING for it! and all with his own money he didn’t know he had!
That’s awesome!
We have been using CC’s for about 5 years, paying the balance off in full each month. We have had airline cc’s and cash back but in November we opted to use the UPROMISE credit card to save money for college. You earn 1% plus much more shopping online, which I don’t do a lot of. Plus, certain coupons, dining and other promotions count. In six months we’ve save $219.37 for our sons college fund. We don’t get cash back now, we just get funds to put into our kids 529 plans. Considering they are 2 and 4 months, this should really help out in the long run with college costs.
Cash works great if you don’t have self control. I have a 4% rewards checking account, so I need to use my debit card 12 times a month. Easy between gas/groceries/etc. I use Mint.com to track all my purchases so I can budget easily. I should be getting upwards of $500 interest this year. To me spending less is like a game so no worries about temptation 🙂
I love our DiscoverCard for the Cash Back Bonus Award!
As if CVS isn’t terrific enough for the deals, my son almost always finds coins in the candy bins while I’m checking out. It’s something about the way the candy is tiered right in front of you along the length of the counter – I think people drop coins by accident and they fall into the candy and then can’t find them. But leave it to a 7 year old boy to find them while I do a few transactions at the register!
Forgot to mention, we will take our piggy bank of spare change to the Coinstar machine. If you redeem your change for a gift card it doesn’t charge you for counting and then we get a gift card to Lowes, which heaven knows we can always use!
I didn’t realize you could get a gift card and not be charged. Hmmmm, nice to know! Thanks!
My coin money gets saved all year long and then goes to charity around Xmas time. 🙂
I save coin money, but I also save “coins” from debit card purchases (I like to use this card because I get rewards). Basically, I just round up every purchase to the nearest dollar (and round deposits down), I then put the difference in the “check number” column of my check register. For example, if I spend $1.50, I write “$2.00” in amount and put “$.50” in the check number slot. In the last 3 months, this totaled $120.00!
Can I ask the cash users, how often do you find money on the store floor? I mean actual bills. Do you ever find you have lost money? There have been several occasions where I find a dollar, 5 dollars, etc. Most of the time no one is around, so I keep it. I used to work at a bar and one night after we closed we were cleaning I found a $100 dollar bill. A few weeks ago at Target I found $10.
Most of the cash I find on the ground is just pennies and other small coins but it adds up so fast. Once I found a $5 bill on the floor at the Target register. My friend found $13 in coins last year, all one or two at a time.
I haven’t ever lost any. I’m pretty particular about knowing exactly how much I have in the envelope and only open the one that is applicable to that transaction. I find that knowing that I refuse to go to the ATM until the next payday when I am scheduled to take out the cash for the next two weeks helps me to be extra careful. 🙂
I use my debit card all the time. I had credit card debt but got out shortly before I had my baby, so now I have one credit card with only a $200 limit. I very rarely use it. I get tips from work ($10-$20 a week) from work and this goes directly into my sons piggy bank. Since I have no clue how much it’ll be I can’t really budget it, and just save it for him. He’s 19 months and has over $1500!!
My mom always uses cash and saves her pennies, and for my dads 50th birthday, after saving only change and rebates for 16 years she was able to buy him a Corvette! It really does add up!
We get cash back on our credit card and we pay it off every month. I can’t do cash I spend it too easily. I am more cautious with plastic!!
I bought a really pretty painted piggy bank from Target-it’s my “wish piggy” I made a bucket list with my boy and we decided that we were going to save all our change and a mere 20.00 from each paycheck until our deadline for each one and use it to fund that. First up is a swim with the dolphins at The Mirage resort in Vegas when we go for my birthday this Decemeber. It’s expensive and we’d have had a hard time ever budgeting for it, but it’s something I’ve wanted to do for years and years-this way it won’t come out of our current budget-we’ll empty out piggy then pick our next goal! 🙂
HA! I had to laugh when I read Collin’s post and it said they picked up coins! My husband has been doing that ever since I met him. It used to embarrass me so much. Not so much because he was picking up money, but because he makes a big deal out of it each time! I just laugh at it now, and yes I too pick up money on the ground now.
Last year, we were at Kohl’s in a nearby town, and found a $5.00 bill rolling around in the parking lot. We were sooooo excited! We ended up going out for ice cream and it paid for it with our found money!
My husband and I are saving for a trip to Chicago at the end of June. Since January, we have started a “money jar”. We put any extra change, rebate checks and money leftover from my DH’s “allowance”. Oh – and also, we had a yardsale recently. So far we’ve saved over $900 just doing this. It’s really been an eye opener!
We have credit card debt that I’m trying to get rid of. I’ve had a $100 grocery budget for a long time now. Since couponing for a while, I’m now down to usually around $25-50 per week. Recently, I started taking $100 out in cash for groceries every week. Whatever I don’t spend on groceries goes right into an envelope. When my credit card payment is due, I take the payment I have budgeted from my checking account, and then I add on top of that whatever amount is in the grocery envelope. Then start over again for the next month. Last month I was able to pay an extra $325 dollars above my regular payment!! We no longer use it, so there’s nothing else being added to it. I know it’s slow going, but I’m excited to see our credit card coming down and cannot wait until it’s paid off!
That’s so exciting! Congratulations with finding a plan that works for you!!! 🙂