You may have heard in the news recently about a man in England who picked up a penny on a trail while he was walking his dog.
Well, the next penny YOU pick up might not be as valuable as that one, but if you play your cards right, it could get you one step closer to the lap of luxury.
According to Real Simple magazine, coins add up surprisingly fast. George White is a spokesperson for Coinstar the company that makes those machines in supermarkets that count your change and then give you a voucher to exchange for cash. And White says that the average mayonnaise jar full of coins may not look like much, but it can actually hold up to $40 dollars.
Financial Planner Ric Edelman says people make a big money mistake by letting their change amass to hundreds of dollars. Like waiting until you've got a 5-gallon jar full before taking it to the bank. By doing this, you're missing out on interest on that money. And every little bit adds up. So, if you're ready to make that extra change work for you, here's what to do.
First find something to save it in that's big and portable. Like an old fashioned cookie jar, or a fishbowl, if you want to see the coins.
Then, keep the container in a high traffic area in your home. Near the front door, the back door or even in the bathroom. The more you see it, the more you'll feed it. And encourage the whole family to donate their change by selecting a common goal for the money like a weekend trip or a new TV.
And finally, take the money to the bank every time you reach about $100 dollars. When you deposit your coins periodically, you get a psychological reinforcement every time you see your efforts adding up.
Before you know it, you'll be walking down the electronics aisle, trying to decide between the 52-inch and the 57-inch wide screen.