Did you have a piggy bank when you were younger? If so, you probably remember a time when saving pennies, nickels, dimes and quarters meant a lot to you!
Once we reach adulthood, it's sometimes easy to forget the value of collecting change. The truth is, it's still a great way to save extra money — and it may surprise you how quickly small amounts can add up!
Check out these simple ways to make the most of your spare change:
#1: Choose a Spot for Spare ChangeOnce you start to look for it, you'll probably notice loose change in some unusual places like the couch cushions, coat pockets, your car and even the clothes dryer! Use a recycled jar or bottle — or a piggy bank — to stash the spare change you find. If you have kids, encourage them to get involved by decorating their own spare change container. Have fun with it! #2: Try a Savings ChallengeIf you're trying to make saving money a habit, a savings challenge can give you the motivation you need. One popular option is the 52-week savings challenge. With this challenge, you increase the amount you save by $1 each week. The first week, you save $1. The second week you save $2, then $3 the third week until you eventually save $52 on the last week. You could save spare coins and dollar bills, or set up transfers to your savings account with WPCU's Mobile and Online Banking. If you stick with the challenge, you'll save a total of $1,378 in one year!If you want to start smaller, you can always do the same challenge with quarters instead of dollars. The key is to be consistent and build momentum as you go! #3: Go Digital You don't have to carry cash to make the most of your spare change. Wright-Patt Credit Union's (WPCU) EasySaver® debit card round-up program^ is a savvy way to add to your savings with every purchase you make. When you sign up for EasySaver, every purchase you make with your WPCU debit card will be automatically rounded up to the nearest whole dollar and deposited into your EasySaver account^. Over time, the small purchases you make every day can turn into significant savings!
Once you start to look for it, you'll probably notice loose change in some unusual places like the couch cushions, coat pockets, your car and even the clothes dryer!
Use a recycled jar or bottle — or a piggy bank — to stash the spare change you find. If you have kids, encourage them to get involved by decorating their own spare change container. Have fun with it!
If you're trying to make saving money a habit, a savings challenge can give you the motivation you need. One popular option is the 52-week savings challenge.
With this challenge, you increase the amount you save by $1 each week. The first week, you save $1. The second week you save $2, then $3 the third week until you eventually save $52 on the last week. You could save spare coins and dollar bills, or set up transfers to your savings account with WPCU's Mobile and Online Banking. If you stick with the challenge, you'll save a total of $1,378 in one year!
If you want to start smaller, you can always do the same challenge with quarters instead of dollars. The key is to be consistent and build momentum as you go!
You don't have to carry cash to make the most of your spare change. Wright-Patt Credit Union's (WPCU) EasySaver® debit card round-up program^ is a savvy way to add to your savings with every purchase you make.
When you sign up for EasySaver, every purchase you make with your WPCU debit card will be automatically rounded up to the nearest whole dollar and deposited into your EasySaver account^.
Over time, the small purchases you make every day can turn into significant savings!
Once your jar or piggy bank is full of spare change, don't let it sit there! Keep your money safe and give it the opportunity to grow by depositing it into a high-yield savings account.
WPCU's TrueSaver savings account® gives you the opportunity to earn our highest savings rate from your very first penny saved at our credit union. Plus, with no monthly service fee, it's a better way to save and make the most of your money!
Once your spare change is safely in a savings account, think about how that extra money can help you reach your goals. Maybe it can help you make a payment on your credit card balance or student loan. Or, use it to start or build your emergency fund. Another good idea is to save up for holidays and vacations months before you need the money.
Younger kids can use their spare change to save up for a special toy or trip. You could also encourage them to put their spare change towards a future car or their college fund. Building a habit of saving early on will help set your little ones up for lifelong success!
At Wright-Patt Credit Union, we help you put your hard-earned money to work for you! Whether you're saving spare change or working towards a specific goal, we have smart solutions for all your savings needs.
Ready for more saving tips? Visit our online Education Center for free tools and resources to help you improve your financial flexibility and freedom.
^When you open an EasySaver® account, Wright-Patt Credit Union (WPCU), on a daily basis, will round up the amount of each debit card purchase posted to your checking account to the next whole dollar amount and transfer the total excess amount from your checking account to your EasySaver® account. WPCU will aggregate the rounded-up amounts from purchases that post to your checking account each business day and make a single transfer (“daily round-up transfer”) at the end of the business day. If on a business day you do not have sufficient available funds in your checking account, or if any transaction has overdrawn your checking account, we do not round up purchases posted on that business day and we cancel the daily round-up transfer for that day. If your debit card purchase is subsequently cancelled or reversed, such as a returned purchase, the corresponding daily round-up transfer will remain in the EasySaver® account. Refunded or adjustment transactions will not be rounded-up. WPCU will match 50% of the daily round-up transfers that post to the EasySaver® account in the first 30 days after enrolling in the program. This 30-day period begins when the first daily round-up transfer posts to the EasySaver® account. After the first 30-day period, WPCU will match 5% of the daily round-up transfers that post to the EasySaver® account. To receive the Credit Union Match (“CU match”), you must have an open EasySaver® account, be enrolled in the EasySaver Debit Card Program and enrolled to receive eStatements, at the time of quarterly match. The CU match amount will be credited to the EasySaver® account at the end of each calendar quarter in an amount based on the applicable percentage of the accumulated daily round-up transfers for that calendar quarter or the actual balance in the account at the end of the calendar quarter, whichever is less. The annual cap on the CU match amount is $300.00. The annual amount of the CU match will be reported to the IRS on Form 1099-MISC. If you close your EasySaver® account before the CU match amount is posted to the savings, you will not receive the CU match for that calendar quarter. The minimum balance to open an Easysaver® account is $0.00. The minimum balance to open an EasySaver® is in addition to the purchase of one $5.00 membership share required to be maintained in your TrueSaver™. The EasySaver® account is a variable-rate account. The Credit Union reserves the right to cancel or modify the EasySaver® account at any time, at its sole discretion. Only transactions posted to your account as debit card purchases are eligible. The Credit Union does not control whether a transaction is processed as a debit card transaction and is not responsible for how the merchant or any network processes a transaction. For additional account information about the EasySaver account, please visit EasySaver Truth-in-Savings Disclosure.