Pennies Really Do Add Up

Wow, that's crazy! I've often wondered how much I could save if I put away a penny a day for a very long time. I mean, $5 000 is a lot money, but you can just imagine how much more he'd have if he'd saved a penny a day. It's such a simple idea, but so effective too. It's true what they say about pennies adding up LOL Good for him

 

I'm one of those people who will pick pennies up off the street. Not just pennies either, I do find a lot of silver coins too. Our 5p pieces are particularly small and easy to miss and they tend to crop up a lot more often than pennies do. They go straight into a sealed tin, which gets opened just before Christmas. Last year, my "roadkilll" came in at over £80, just by picking coins up off the ground! It's well worth doing and anyone who scoffs will be laughing on the other side of their face by the end of the year!

 

Wow, I can't believe just how many pennies this man had! But you're quite right, it does all add up when you save, often without you really knowing just how much. I save my loose change, but I put it in the till when I am doing my weekly shop to bring the price down a little bit. I don't see much benefit from it that way, but over time it all adds up, as you say.

 

I tend to be more careful with my small change too, although I spend them much earlier since I usually try and use my change to pay for small purchases because I don't like having that much clutter in my room and I don't want to have to deal with getting rid of too much change at once in the future. That does sound like an appealing project though and at least I know I can think of a lot of things I could do with that much money that I seemingly got for almost free.

 

I also save my coins but only those that have the highest value. I've only got limited space in my small coin bank so I need to maximize my space by only saving high-value coins. I also don't spend my saved up coins. Instead, I put them in my savings account or invest them in my mutual funds and businesses in order maximize my profits.

 

Wow, missbishi, that was quite something! I mean, I personally wouldn't turn my nose up at £80, especially over the festive season. Nobody's going to give it to you for free! -and those that would laugh at something like this, well, you'd have the last laugh, all the way to the bank LOL

 

I recently started saving pennies for a few months now. I took an empty picke jar, washed it out, and now we put pennies in it. The first time it filled to the top we cashed in at about $8to $9. We are starting over again though. If people want to leave money on the street that's on them but someone will pick it up.

 

I believe the reason many people end up saving little to no money is because they think there's no point in saving small amounts of money.

A penny, they'd ask? What can a penny buy? Nothing.

But if you save the pennies for a year then obviously you'd have enough money to buy some gifts [if you want to buy gifts, that is]. Same thing should applied to saving money. You don't have to save a lot of money all at once. The little savings you make: a few pennies, a dollar at times, etc, . . . they add up in the end.

 

@Denis Hard You're right, some people just don't bother because they feel there's no point putting away say £20 per month. But I attended this 'financial awareness' workshop no so long ago, and there I learnt that it's important to put something, anything away for a rainy day. That's way better than not saving anything at all. So I never beat myself up for putting away a small amount, I actually feel proud of myself LOL

 

I heard of an odd way someone saves a little money each month. Whilst budgeting he always allots some money to miscellaneous "future" expenses. Yeah he doesn't put away much but since he isn't always counting the money he's saved thusly his enthusiasm to save never flags.

I suppose looking at your savings all the time and seeing how slowly they [the savings] grow can demoralize that person. Save and forget. That's how it should be IMHO.

 

@Denis Hard, you say the wisest things LOL No but seriously, there's no way i'd keep checking up to where my savings are! It would just drive me nuts to see the money seemingly not moving at all or as fast as I'd like it to. So in that regard, I totally agree, it's best to just keep saving and 'forget' about that account

 

I have been doing the same thing but with nickels, dimes, quarters, loonies and toonies. In Canada we have done away with the penny so when I throw change into a plastic fish bowl it adds up even quicker. We do not have $1 or $2 bills we have loonies and toonies so add those into a fish bowl of change and before long you have hundreds of dollars of savings without even noticing. My husband and I always put our loose change in the fish bowl and every other year we cash in the money and have enough saved for a family vacation. It's a great way to save money.

 

When I first got a job, I would save pocket change - coins and some small bills - in a big jar. That served as my piggy bank. After some years when the container got full, I decided to bring it to the bank to have it changed into bills. Gee, it amounted to more than 5,000 pesos. At the time, that amount could get me a tour to another country including hotel accommodations. Truly, coins add up to something in due time.

 

I also pick-up pennies found on the ground. There have been days I have picked up as much as a whole dollar found on the ground. Change adds up quickly, I also save the change in my purse at the end of the week.

 

Wow, that is indeed a lot of money to be accumulated. Little things really do add up. I always take for granted the small denominations of coins, but now I think I should try saving them, you'll never know how much I can come up with in the future.

 

I've known a person who throws away pennies but that's quite silly. Pennies can add up to two dollars in gasoline and in my location in the countryside that is all that's needed to get to the nearest town. In addition, it's horrible to throw away pennies cause in many foreign lands those pennies are worth a lot more so it's like throwing away a whole day's worth of food.

 

I am the type of person who uses up every type of coins even if its worthless to many. Here we use 50 cent and 10 cents of pesos which are worth about the same as a penny most people don't like using them because they are smaller in size but I collect some for a few days and they so add up to a good amount. With that I can buy a few toiletries.