This post was originally published on August 10, 2010.
Don’t laugh yet, but this week’s money making tip is to watch your step for spare change. Since moving to Tyler we have picked up so much spare change that I think I’m going to start including it in my money made section of the weekly review. Our family has picked up $.53 in the last 3 days alone! (I know you’re thinking- big whoop!- But truly, it is-keep reading)
Just this weekend I read an article where a man said he thought a penny was worthless so he actually threw all his pennies away each night! Immediately my mathematical mind starting running figures to see how much money he was throwing away each year. I think you’ll be surprised.
Let’s say he throws out 5 cents each day. That’s $18.25 a year. If starting at age 20 he put this amount into a CD @ 5% at the end of each year, by the time he’s 65 and retired he’ll have $3078.50 in his CD from his 5 pennies a day. For my family that equates to a savings of $4397.85. I’d take that, wouldn’t you? Sounds like a nice vacation to me.
So if you’re trying to save money and it seems like you’re only able to save a few cents off your purchases each week, DON’T GIVE UP! The math proves that even just a few pennies saved each day can still reap good rewards.
Update: For those of you like my hubby who don’t believe there are people who throw pennies away, here is the article. Comments 18, 42, 48, and 102 also say they throw pennies away!