What does a trip through a fast food drive-thru for lunch have in common with a vending machine rendezvous for an afternoon snack? There is a good chance you’ll get some change back…in cents. If you are like me, it gets irritating stuffing all that loose change in your pocket each and every day. It gets tossed on the counter or maybe the cup holder in your car. The really smart ones organize the change for tolls or maybe the next time they need exact change. The unlucky ones lose it in the laundry or couch monster.
I’d like to discuss a strategy to maximize that loose change we accumulate each day.
STEP 1: Save any and all loose change.
STEP 2: Withstand the urge to use ‘exact change’.
STEP 3: Find a safe storage location to store the change. Preferably a place that make is difficult to see how much change has been accumulated.
STEP 4: Don’t be afraid to create change throughout the day. It gets tempting to avoid getting change by using a credit card.
Now the best part…at the end of every month, make a trip to the bank and deposit your money into your savings account. It would not take that much of an effort to rack up $50 in change per month if you stick to the plan. What do you do with this extra monthly income? Make an extra payment on high interest debt, keep it in a high interest savings account (such as ING Direct) or use it for a vacation fund. The choice is yours.
I have a challenge for all of you…make that change work for you. That’s the greatest path to wealth right? Make your money work for YOU.
Remember…a little goes a long way. It makes cents and it works for me!