Literally saving money - Lets do the Math

Jackie - posted on 10/02/2010 ( 17 moms have responded )

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Okay in my house hold we save all our change. When were doing this it doesnt really seem like were loosing any money. At the end of the day we empty our change into three different banks. Our 11 year old gets all our dimes, our 3 year old gets all our pennies, and the nickels get split evenly. The quarters however go in the 3rd bank and we use it for Christmas.
Okay so lets do the math here to see how much we save in one year.
If in one day we get 1 penny, 1 nickel, 1 dime, and 1 quarter to put in the banks lets see how much can be saved.
365 pennies = $3.65
365 nickels = $18.25
365 dimes = $36.50
365 quarters = $91.25
all together thats $149.65
Now that is just saving one of each coin per day. Theres times when I have 3 or more of each coin. Now take into consideration that in my house we have my purse and my hubbys pockets to empty everynight. Now lets go back to the one of each a day but with both parents adding to it and thats $299.30 a year.

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Julie - posted on 10/08/2010

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you go gurl.we do the same.but we put it all in one piggie bank.then when it' full to to the banks change machine and depositit evenly in two savings accounts.one for each of our son's.

Megan - posted on 10/06/2010

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We save all of our change and put it in our daughters piggy bank. She has one thats a big pink crayon so it holds a lot. Weve been saving since she was like 8 months old and shes 17 months old now. We opened her a savings account and deposit the change every so often. I love it. Cause we always have money put back for her.

Belinda - posted on 10/21/2010

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I have been putting all my change in my son's piggy bank. I plan to fill it then open an account for him at our credit union. Money was always tight when growing up so I would like to start a fund for him now so that he can buy a car, pay for college or whatever he needs when he's old enough to get his own place.

We don't have much money now but I am sure to save my change for him. I even get the coin dollars to put in his bank because after all it's a coin & now change!

Erlinda - posted on 10/20/2010

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we save all our change and at the end of the week it usually equals 5 or 10 dollar which my son uses for the ice cream truck

Jackie - posted on 10/09/2010

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You guys gave me great tip. I talked to my boyfriend and we decided that were going to start seperating the change. We got 2 more banks for the kids (actually they made them). One of the banks will be their spending money and the other will go into a savings account. Thanks guys.

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Robin - posted on 11/02/2010

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I love it! We save change in many different places! It comes in handy a lot! Also, my 8 year old is saving soda tabs to make money! She is having fun and getting her friends to help her too!

Melissa - posted on 10/26/2010

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I work as a bartender during the summers and save all my quarters and put it towards my daughters birthday party in the fall. That way she gets to enjoy her birthday with her friends even at a young age she will get to have fun and have great memories because otherwise I wouldn't be able to do it. We also save our pennies and donate them to the March of Dimes and the dimes, nickels go in her Big piggy bank so she can have money when she turns 16 to buy a car or when she turns 18 to start college. Little savings add up quick!

Saima - posted on 10/25/2010

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yeah well i save da change 2 n after sm mnths it gts 2 a lot..............its really helpful:)

Valerie - posted on 10/16/2010

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I like finding pennies in parking lots. Collecting outgrown clothing, shoes, accesories and placing in resale shops.Make sure stain free and no repairs needed.

Candi - posted on 10/12/2010

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we do the change saving thing also. Our kids use the shoe boxes their new school shoes come in and use a colored contact paper to wrap all around it so they can't open it until its full. We split our change evenly and if they find change in the couch or floor or laundry room, they put it in their box. They love to compare boxes.

Angie - posted on 10/12/2010

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At our house we save all of our 5 dollar bills. In one year we had over $1500 in the bank. It is always kind of a bummer though when you use a 20 dollar bill for something less than 5 dollars and get 3 fives in change... can't spend any of them. But...... we are going back to Hawaii in 2 years because of our fives !!!!

Ashley - posted on 10/08/2010

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I do the same as well, My daughter has an old fashoned pink pig piggy bank. once it gets too heavy we put the money into an RESP saving account for her for college. she is only 5 months old and we emptied it once already!

Jackie - posted on 10/04/2010

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Splitting it is great for the kids because it helps them learn to save money and they get a sense of paying for things themselves. Our oldest has actually started putting her own money in with it and when the 3 year old finds change anywhere he brings it to me and it also goes in his bank. You really dont think about how much change you get.

Michelle - posted on 10/04/2010

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My husband and I save our change also. We usually wait till it gets partially full and have a night for ourselves. I really like your idea of splitting it, we may just have to try that!

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