Comments on: A Penny Saved is a Penny… Saved

By: Matt

Matt — Tue, 10 Feb 2009 15:45:23 +0000

@prufock
Good point. If you are disciplined enough to “set aside” $10/month in your checking account for savings, then by all means, do it. If that’s the case, you don’t need this method. But unfortunately, many people aren’t disciplined enough to do this.

As you said, this method is a great way to TRICK yourself into saving money. Psychologically, you are spending the same amount… the money you are setting aside for savings ends up being mere “pocket change”… but it’s not… it’s potentially $10/month or more.

Thanks for pointing this out, and for participating in the discussion.

By: prufock

prufock — Tue, 10 Feb 2009 15:38:00 +0000

I find this a pretty dubious method of “saving” money. If you’re spending the same amount, it’s mathematically equal to using your change for small purchases and not breaking bills.

I think the real psychological trick to this is that you THINK you’re saving money, because you see it all in one pile. But I find it just as well to have an extra ten dollar bill in my wallet as it is to have ten dollars in change in a jar.

By: Money Hacks Carnival #47 | Money Beagle

Money Hacks Carnival #47 | Money Beagle — Wed, 14 Jan 2009 12:22:28 +0000

[...] A Penny Saved is a Penny… Saved posted at 15minutestoriches.com [...]

By: Money Beagle

Money Beagle — Sun, 11 Jan 2009 21:24:09 +0000

I don't collect change much anymore because I pay for most with a debit card. But, when I used to pay with cash, I would keep all of my change and roll it up. I saved it for about 10 years and it ended up being a few hundred dollars which I used as a down payment for an engagement ring for my now-wife! She said yes! Money Beagle’s last blog post..Good Thing For Savings

By: Matt

Matt — Tue, 06 Jan 2009 15:56:01 +0000

@the weakonomist: Thanks for the comment! You mentioned you are using a credit card for your purchases. I’m curious, are you receiving a cashback rebate for these charges? If so, I suppose that’s just as effective as collecting change.

By: the weakonomist

the weakonomist — Mon, 05 Jan 2009 15:40:27 +0000

I don’t collect much change anymore because I use the credit card. However I do have my own change bucket. I made this awful ceramic bowl in high school that no one would ever touch for practical use. It started collecting keys and wallets over time. Now it’s holding about 3 years worth of change. There probably isn’t but $30 in there, but I’m holding out for the right time to roll it up.