Try This Old-Fashioned Method for Saving Money in the New Year

As the New Year approaches and our personal financial coffers are suffering from post-Christmas stress, you may be wondering how in the world you can possibly save anything once the holiday bills start rolling in.

Our grandparents used a coin jar as a means to save money so why couldn't it work for us? When there isn't a lot left over from the paycheque to sock away, try this old-fashioned method of saving money in the New Year.


We've all got loose change in our wallets, pockets or purses. It can seem fairly insignificant in terms of what it will buy but, if we save it up, over time those pennies, nickles, dimes and quarters can add up to a charitable donation, a new pair of shoes or even vacation spending money.

It's easy to save by tossing coins in a jar. We simply don't miss change in the same way we would miss five or 10 dollar bills. The advent of counting coin jars makes the process kind of fun, too.

When it comes to saving money, it helps to have a tangible goal in mind. Post a picture of the DVD, video game or whatever it is you want where you can see it. If the idea is to save for a vacation, get everyone in the family involved. Encourage family members to put whatever loose change they may be carrying in the jar whenever they can. A coin jar is a great way to teach kids about saving money, too.



Whenever I come home from shopping, I make it a point to clear out my change purse. I keep the loonies and toonies and put everything else in the coin jar. You may want to contribute the larger coins to your goal, as well. It's entirely up to you. Some people even include bills when they can so they can reach that dream vacation goal even faster.

The drawback to saving in this way is that it takes time and patience. In a society that wants everything now, it can be difficult for some people to believe that saving nickles and dimes could ever be worth the effort.

Then again, someone has to count and roll all of those coins. Or, do they? I find it best to sort periodically whenever there's enough in the jar to do that and the clear plastic coin wrappers available means you don't even have to count. You simply fill the appropriate wrapper until it's full and close.

Keep a separate bank account for savings so your coin-saving efforts don't disappear into the abyss of day-to-day spending.

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Marlene Alexander is a freelance writer. She writes tips and ideas for budget decorating on her website, Dollar Store Style.