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I Do Not Have a Coin Jar, and Here’s Why


Over and over again, I hear about people putting all of their change in a jar and then at a certain point, rolling up your coins and seeing how much is there. Then you use that money for some special occasion or treat.

I admit, it’s a good idea for saving for a rainy day. And what I am about to say is in no way meant to put anyone down that has a coin jar – so I hope no one takes offense.

I do not have a coin jar. Why? Because after reading how people have hundreds of dollars after a year – it makes it clear to me that the better thing to do (at least for me) is to not use cash!

If you can save your spare change in a jar and have that much – what about all the money that you loose? You know, inbetween car seats or on the ground. One time while I was working at the grocery store cashiering, there was an older gentleman that reached in his pocket for some change and a $100 bill fell out. He didn’t notice (and I didn’t either), but luckily an honest younger man behind him did – and promptly picked it up and returned the bill to it’s rightful owner.

This is a big area where my husband and I disagree. He likes cash for those everyday purchases (another reason I don’t like cash – it’s too easy to spend). He will proclaim “WooHoo” when he “finds” $1.00 in his pants pocket. My take on his “find” is that it isn’t really a “find” at all – it was money that if he lost, he wouldn’t have noticed. And it all adds up.

I believe it is much better to use checks, debit cards or credit cards (as long as the balance is paid in full every month). You can loose those too, but not as easily as change. You probably won’t go looking around when you “think” you might have lost a quarter. I spent an hour and a half searching my home for my checkbook when I couldn’t find it just the other day. Why? Because it means more than a handful of change.

Everything adds up. Might as well use the best method around of keeping it all in one place. And for me, going cash-less is the way to go.

Technorati Tags: change, coin+jar, saving, saving+money



  • Reply Chitown |

    I have a piggy bank (literally…LOL) and use a combination of cash and cards. It suits my busy life. As a female, I put everything in my wallet, including change, so I don’t lose it. At the end of the day, I put all change in my piggy bank. Last year, I had enough change in there to pay for more than 1/2 my Christmas presents. With my current debt paying schedule, I don’t have $20 here and there to put away for Christmas so it was nice to count that up, take it to the bank and get some Christmas gifts “guilt free.”

  • Reply Karen |

    I don’t do a coin jar either. I guess it would work for someone who just can’t save any other way, and who uses cash alot. I personally buy into the “pay yourself first” philosophy and even though I have a very structured budget and not much wiggle room (due to most everything going up except my paycheck….) I do have a small amount withheld from each paycheck and deposited into a savings account. I work hard and I figure, I deserve to keep some!

  • Reply Tricia |

    The nice thing too about having it automatically taken out is that you are less likely to miss it 😉

  • Reply jaye |

    My feeling is that, if you’re trying to get out of debt, it’s better to spend change than to save it in a jar. People seem to think of it as “found” money, but it’s not! It’s just the same as all of the bills in your wallet. By neither spending it, nor putting it into the bank, you’re not using it to reduce debt nor making interest.

    I figure there are two goodoptions:
    1. You could roll up the money and put it in a bank though that involves a lot of work. Those Coinstar machines would be a great option–if they didn’t take 10%!!!! That’s quite a scam.
    2. Spend it! This is my choice. I try to spend the change with every transaction, so that it doesn’t build up too much.

    It’s funny what you said about holding cash. I feel differently about it. I get about $90/week cash for a side job that I do. I try to use it for essentials (food, school lunch, etc.). I make a bit of a game of it to see how long it will last. On a good week, I’ll still have some left over when I get paid again. I like seeing the money in my wallet so much that I don’t want to spend it!

  • Reply Shay |

    I find it interesting that you dont’ have a coin jar but what about money that you find on the street? My kids amaze me at how much money they do find on the street and I work in a small country shop it is amazing the amount of change that we find at the end of each day..(work change we give to a charity tin)

  • Reply Tricia |

    Hi Shay – we don’t usually find much change on the street. Since writing this post, we now have a little jar with change that shows up here and there. We use it to fill the parking fund in our car or take it with us on trips to pay toll fees.

So, what do you think ?