Harnessing the Power of Spare Change?

Answer 1

Considering the rampant fears of inflation and concerns over the value of a US Dollar, coins tend to take a back seat (so to speak) when it comes to factoring into your everyday finance. The increased use of debit and credit cards over cash has also caused change as a currency to fade into the background somewhat. Yet collecting your change can still yield financial benefits, especially if you're disciplined enough to harness it only when needed.

The Origins of the "Rainy Day" Fund

When one thinks of Personal Finance in the "Old Days," chances are you see visions of a small jar filled with coins and the occasional dollar entitled the "Rainy day" fund. That may seem archaic with the advent of online banking, but it can still serve as an important (or fun!) exercise.

The Annual Rainy Day Fund Collection

Everytime I pay with cash, I always make sure to put away the extra change that usually gets lost somewhere in your house/apartment. This may not be much at first, but over the course of a year you'll be pleasantly surprised to see how much change you can accumulate. This is especially true if you make a habit of collecting change from your couch cushions and yes, sometimes off the ground, too (Just make sure to wash your hands!).

To summarize, spare change can seem completely insignificant at the time you pull it out of your pocket, but if you're smart enough to consolidate your coin efforts, they can serve as a petty cash infusion or some fun spending money when they're needed the most.