Having A Money Jar Inside Your Home?

Discussion in Personal Finance started by NinetyEighty1 • Oct 14, 2017.

  1. NinetyEighty1

    NinetyEighty1Active Member

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    How many of you out there have a money jar or think it would be a good idea to have a money jar? When I say money jar, I am just talking about a jar were you can put in a couple of dollars from a job you are working at. Or it could just be when you have a little of extra pocket money. It is sort of like an emergency jar, I am sure most of you at least heard of such a thing. I think it is a good way to help keep up with your money and is a bit safer than going to the bank, if you are careful with it.

    What do the rest of you think?
     
  2. NicholasMukuha

    NicholasMukuhaActive Member

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    Yes, this is a superb idea. However, it requires a level of discipline, equal to or greater than that of the military. Having money in your house, and not using it, despite the constant temptations by expenses, all in the name of saving, is not as easy as it looks on the surface.

    However, I would not say that having a money jar at home, is much safer than going to the bank. Yes, it makes you less vulnerable to outside thieves, but we would not rule out the fact that someone in the house, might also decide to "take care" of it for you, when you're not around. But generally, it's a good idea.
     
  3. mildredtabitha

    mildredtabithaActive Member

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    It is really nice to have a money jar at home. Especially, when the whole family agrees to contribue to it. We don't have a money jar in my home but we tried once and it didn't work. My siblings and I could not save because the little pocket money we were given was not enough to even think about saving.

    You said "safer than going to the bank" and are also right. The emergency jar will always be available to us when we ran out of money. Going to bank to get cash can also be risky because you are carrying cash on your way back home and you are afraid that someone might rob you.
     
  4. nangk08

    nangk08Active Member

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    That is actually a very good idea and I don't have a jar but a jewellery jar in which I keep slipping change and small denomination notes occasionally. Whenever I have a large number of notes left over after shopping for groceries or other stuff, I slip a few in the box. It is good to have some emergency cash squirreled away for unexpected things.
     
  5. TheOtherSide

    TheOtherSideActive Member

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    Here at my place, it's not advisable and practical to have a money jar or even keep much paper currency at home. With the eminent danger of fires and house burning being reported every now and then especially during summers, it's not good to keep your hard earned money in your home not unless you have a safe. And also you may never know when will the next demonetization of the currency will be, so it is much better to just open an account with your local banks.
     
  6. harijobs

    harijobsActive Member

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    I think this is a great idea to save some extra cash which we can use in case of emergency. I have a beautiful box which came for my new watch that I bought recently. So, I used that box to save money as and when I see it and now I have decided to save some amount for a month and set a target. It is nice to have a responsibility which makes me feel authentic. :) Thanks for this useful thread. :)
     
  7. Shine_Spirit

    Shine_SpiritActive Member

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    I have one in my house with coins (by the way, many coins right now :p) for purchases of routine items. I mean, small day-to-day shopping. It's quite convenient to have one for these types of purchases. ;)
     
  8. Alexandoy

    AlexandoyWell-Known Member

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    The so called money jar is part of our life because since we moved to our own home, we have some cash lying on an unused ashtray on our computer table. Beside it is a plastic jar where the money goes when the ashtray is full. And when the plastic jar gets full, the content is transferred to a bigger jar that is located in our dresser in the bedroom. Loose change and sometimes small bills will amount to something after a year.
     
  9. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    My friend had one but she got robbed and it was stolen. Well I never had a money jar, but after what my friend went through, I think I'd put it in the bank when I can. I know that supermarkets have those change sorters and gives you cash for your loose change too so it makes it easy to have a money jar at home, but for me I'd just put it in the bank savings acct.
     
  10. FolkArtist

    FolkArtistActive Member

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    I never had much of a money jar but remember people back in the day, they had money jars hidden around the house-and also lots of old movies where somebody never trusted the bank and hid all their money in their mattress. Then somebody in the family accidentally threw the mattress away-when they where going to buy them a new one for a gift or something-I think it was some Irish movie. The money jar might really come in handy for laundry machines or parking meters though-also it would be nice for something like a hurricane fund when the only thing they could accept is cash.
     
  11. NinetyEighty1

    NinetyEighty1Active Member

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    Sorry to hear about your friend. That is the unfortunate risk of having a money jar within your home, there is always that chance of someone taking it. Personally, I think it would be better to do it half and half, put some in the bank and hide some of it within the house either in the attic or under a mattress.
     
  12. luri

    luriActive Member

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    I don't have a money jar, but I have a piggy bank. Every evening when I come home I insert my changes, especially coins and small denomination bank notes, in the piggy bank. When the piggy bank is full, I take out the money and save in a bank or use it to buy supplies or pay credit. I also take out money from piggy bank when ever I run out of pocket money.
     
  13. kamai

    kamaiActive Member

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    I think it's a good idea as keeping a jar or piggy bank has helped significantly in tough times. Once we ended up not having enough money for the rent but thankfully I had saved some money in a piggy bank which hepled us complete it and prevent getting charged extra cash. I honestly do recommend it incase of an emergency.
     
  14. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    :)I guess when it kind of adds up especially quarters only 4 to make a dollar one can go to those change places in supermarket, which makes so much noise, to get it to the bank for safety is a good idea. It is sad when something bad happens to anyone. I like this idea, my Mom kept cash in her room just like a money jar too when she was living. Sometimes you just need cash with you. This is a good way to save money. Thanks.
     
  15. NinetyEighty1

    NinetyEighty1Active Member

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    Happy to be of help, and I would also just to be safe put your money in an regular run of the mill jar, like a cookie jar. Just in case you do have a robber within the house, put it in a place that will be the last place they would look. Maybe even put a secure lock on it just in case you are tempted to use it.
     
  16. lucykey

    lucykeyMember

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    It is prudent to have a money jar at home as it the easiest way to make little savings of what one earns. We have a money jar at home where we drop the little money that remain from our daily budget this has helped a great because when we don't have enough cash for the day we just make use of this money jar.
     
  17. wallet

    walletActive Member

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    I do have a money jar in my kitchen and we all put there a small rest from our groceries and all we buy. From time to time we take money from there, and I must say that keeping a money jar is a great solution, all the tips I was leaving to every seller I put in the jar and at some point, these money are very useful.
     
  18. overcast

    overcastActive Member

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    Considering there are more chances of stealing and other things. I don't think keeping money in the jar is any useful. You can see that some of the time such stuff in the home is not good. And we have to be really good and understanding on this point. I'd say keeping money jar is not going to help in that context. That's what I have learned so far.
     
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