Spare Change Savings Habit

Key Points

  • Small Contributions Can Add Up to Big Savings: Even small amounts like spare change or daily round-ups can accumulate to as much as a thousand dollars over the course of a year, transforming what might seem insignificant into meaningful savings.
  • Build Savings Habits with Simple Strategies: Incorporating easy-to-maintain habits like collecting loose change, using automatic round-ups, cash-back apps, credit card rewards, and creating an impulse savings jar helps establish a consistent routine that encourages steady financial growth.
  • Maximize Savings with High-Yield Accounts: Using high-yield savings accounts ensures that your small deposits earn more over time, letting your spare change work for you while strengthening your overall savings.

It’s easy to dismiss spare change as inconsequential—pennies left in drawers, nickels and dimes slipped between cushions, or quarters rattling around in the bottom of bags. Often, we don’t see these tiny amounts as meaningful contributions to our savings goals, but every penny saved has potential.

With the habit of setting aside even the smallest amounts, you can build a foundation of consistent savings that adds up over time. This challenge focuses on the Spare Change Savings Habit—a simple approach that turns overlooked coins into a steady, meaningful contribution toward your financial goals.

Small habits may not feel powerful at first, but their strength is in their consistency. As it turns out, the average American household has around $113 worth of loose change lying around, waiting to be collected. And every year, Americans collectively throw away an astonishing $62 million in spare change—more than half a billion dollars every decade.

By following these five steps, you’ll turn spare change into an active part of your savings strategy, adding another layer to grow your wealth steadily and reliably.

Step 1: Gather up Your Spare Change

Begin by searching for loose change throughout your home. Check pockets, bags, purses, drawers, and even under cushions. You’d be amazed by the small treasures that can add up in hidden places! Once you’ve gathered this change, set it aside to deposit it into your savings.

Step 2: The Impulse Savings Jar

This jar isn’t just for change; it’s also for any amount you want to save impulsively. Maybe you found an extra $5 in your wallet or received a few dollars as a gift—drop it in the jar.

At the end of each month, deposit the contents of this jar into your savings account. Over time, these small, spontaneous deposits contribute steadily to your overall savings.

Step 3: Maximize Spare Change Savings with Cash-Back Apps and Credit Card Rewards

To take your savings further, consider combining cash-back apps with a cash-back credit card. Each time you make a transaction, a portion of your spending is automatically returned as savings. When used wisely, these tools don’t just save you money on purchases but can become a source of income for your savings account.

Deposit these rewards periodically, and you’ll find that you’re growing your savings simply by going about your normal spending.

Step 4: Deposit it into a High-Yield Savings Account

Make sure your savings are working for you by placing them in a high-yield savings account. These accounts typically offer better interest rates than standard savings accounts, allowing your spare change to grow even further. If you don’t already have one, consider opening one and making regular deposits of the spare change and round-ups you’ve collected.

Step 5: Enable Automatic Round-Ups (Optional)

Next, if you have a bank account that offers round-up features, activate it! With this option, every purchase you make is rounded up to the nearest dollar, and the difference is automatically saved. This means that each time you buy something, you’re quietly adding to your savings without even thinking about it. These round-up savings may feel minor on a day-to-day basis, but the cumulative effect over weeks, months, and years is powerful.

By embracing the Spare Change Savings Habit, you’re creating a consistent savings routine that doesn’t rely on big deposits or sweeping changes to your lifestyle. Each penny, nickel, and dime you save serves as a reminder that small actions, repeated over time, it can have a profound impact.

Explore the
Savings Challenges

Ready to start building your future? Explore a variety of savings challenges tailored to fit different needs, from jump-starting an emergency fund to building long-term savings. Whether you’re just beginning to save or looking to increase your current efforts, these challenges offer unique, practical ways to start putting money aside with ease and consistency.

VIEW THE SAVINGS CHALLENGES

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