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How Saving Your Spare Change Adds Up

spare change

“Man cashes in pennies he’s been saving for 45 years.”

“1.3 million penny collection turns into jackpot.”

“Man cashes in 500 pounds of pennies he’s saved over 60 years.”

Cash In Your Spare Change

Occasionally, a headline will pop up in the news about a thrifty spender who has squirreled away an impressive collection of spare changes, so he can deposit -- or spend -- a large chunk of money.

Those news-making penny pinchers include Otha Anders of Louisiana, who used the $5,100 worth of spare change he’d saved to pay for a dental bill, according to USA Today. In Texas, Ira Keys made more than $800 when he deposited 500 pounds of pennies, according to the New York Post. And Edmond Knowles, a service station manager, broke a record when he cashed in $13,080 worth of pennies at one time, according to CNN.

Their persistence proves that yes, indeed, you can save a good bit of money if you simply sock away your spare change each day. And plenty of people are doing it. When a New York newspaper asked its readers if they saved their spare change, dozens of readers wrote in with stories of thousands of dollars in savings that were spent on cruises, trips and Broadway shows.

So how can you get rich off your pennies? It’s pretty simple.

Simple Tips For Saving Spare Change

Get a jar

Or a five-gallon jug or some other container to hold all your spare change. At the end of each day, throw in whatever coins you have in your pocket or purse -- and don’t touch it. Let it simply sit and grow for a long period of time. Eventually, like some smart savers, you’ll have enough to take a trip -- or splurge on a big purchase.

Consider the Penny Challenge

Popular in frugal-living blogs, especially around the start of the year, the Penny Challenge involves collecting pennies each day. On Day 1, you put one penny in the jar. On day two, you put two pennies in the jar and so on. In a year, you’ll save a whopping $667.95 with just pennies.

This can be a great activity to do as a family. At the end of the year, you could even celebrate your achievement by taking a quick family vacation with all the pennies you’ve saved. Smart School House offers a cute downloadable Penny Challenge label.

Download the app

 Yep … there is an app for penny pinching. In fact, there are several. Here’s a look at three popular ones.

  • Acorns: With more than 3 million users, Acorns lets you save money several ways, according to its website, including rounding up the total cost of your everyday purchases. For example, if that coffee cost you $2.60, Acorns would round up the total cost to $3 and sock away that extra 40 cents for you in one of its investment portfolios.
  • Qapital: Rounding up your purchases also is one way you can save on Qapital. With the app, when you spend $7.25 for a sandwich, the app will pull in another 75 cents from your account and move it into savings.
  • Chime: Chime, a mobile-only bank, also will round up your purchases and put the extra change into a Chime savings account.

Saving spare change is hardly a get-rich-quick scheme. But, over time, with dedication, persistence and a hands-off approach, you certainly can save up a nice little nest egg with the leftover change in your pocket.

The CESI Team is committed to helping you reach your financial goals. If debt keeps you from living the life you dream of, contact us for a free debt analysis today and get started on the road to a brighter future!

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