One of the best things I ever did for my finances was start a penny jar.
Okay, soโฆ I know that sounds really dramaticโฆ but hear me out on this one! I can be a super neat freak when it comes to my personal possessions. I keep my handbag and purse immaculate; there is not a stray receipt or food wrapper in sight and there is nothing I hate more than a purse full of โshrapnelโ. So a few years ago I started chucking the excess into a pot and I havenโt looked back since! My favourite thing about it is always the surprise of how much is actually in there when I go to cash it in. It sounds crazy, youโd think a bunch of 2p and 5ps wouldnโt equate to much but they totally do!
So with all that saidโฆ hereโs my top five ways to get that penny jar working for you!
- Start with a smallish jar. Iโm no psychologist but I know that if you start tossing loose change into a large jar, itโll feel like it is taking forever and you might get disheartened. So start small and youโll feel pretty good when you start to see it fill up! Once my little jar starts getting full I tip the contents into a large pot hidden away in my cupboard. When that bad boy is full I know itโs time to cash in! Kaching!
- Make sure itโs somewhere youโll see it often! By your kitchen sink, next to your keys in the hallwayโฆ anywhere youโre going to cast your gaze over it on a daily basis! That way youโll be reminded to pop your excess change in it as often as you choose. I aim for a clear-out every Friday (as I often need change in the week for school)!
- Set some rules. Obviously you can do whatever you like when it comes to your money and your savings but I think itโs always good to set some rules. My personal thing is that everything 20p or smaller goes into the jar. Stick with whatever works for you, your budget and the amount of cash you tend to carry!
- Top it up! Work in a job where you get tips? Donโt be tempted to spend them if you donโt need to, pop them in your jar and give it a healthy boost! Same for scratch card winsโฆ or what about a cheeky payday boost? Get paid and pop an extra fiver in the jar to get it growing (donโt be tempted to dip into it though)!
- Start an online penny jar. With online and mobile banking it has never been easier to open a savings account! I have a little online savings account that gets topped up every time I log into my online banking. What do I top it up with? The odd pennies on my bank balance, of course! I always round my bank account balance down to the nearest pound (or sometimes nearest fiver if Iโm feeling flush) and pop the excess into my savings. This is a fantastic way to stay motivated as you can see the value grow in real time, perfect if youโre saving to a specific goal!
This post was written by one of my blogging pals who is now a real life pal Clare. She has had a couple of blogs over the past but is now blogging at So We Did…ย and you can find a lot more helpful posts over there from the queen of money saving, plus her two cute as a button little kids! She’s on twitter too!
I have a penny jar but it is indeed taking a lonnnnnng time to fill.