Wednesday, March 7, 2012

Frugality and A Coin Jar

Are you frugal because you want to pay off debt or reach a savings goal?  If so, you are like my family.  The only debt we have is our mortgage, and our goal is to pay it off in a few years.  Maximizing earnings is one was to achieve this goal, but another is to make the most of every penny.  Literally, every penny.  No cent is overlooked in our house!  We keep a ceramic container, which was a gift many years ago, in one spot.  Loose change from our pockets, the laundry, bottom of our bag, picked up on a run -- they all end up in the container.  When it is full it is taken to our credit union.  We opt to deposit it and put it towards whatever stage of saving we are working towards.  Each year we have some savings goals, and once met, we put any additional savings towards the mortgage.

Whether it is student debt, a vacation fund, credit card debt, etc., I encourage you to create a container for change.  Once full you'll have $20 to $50 towards your goal. You'd pick up a $20 bill wouldn't you?  Don't overlook the pennies -- they add up.

Oh, and don't spend money on a coin jar.  Free options include: empty coffee can, plastic container, or any random vase or container you have on a shelf.   Happy saving!

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