Hello again, savvy savers! For this weeks Savings to Go With A Cup of Joe, I wanted to discuss ways to save spare change. According to the Federal Banking Commission, the average American family deposits over $100.00 in change a year. While these numbers are helpful, one can only imagine how much change is lying unclaimed in our purses, pants, couches, and homes unclaimed and non-purposed! As a child, I always kept several piggy banks in my room for various funds, a tradition I saw my mother keep. She would often put her spare change in a jar, and if an expense can about for one reason of another, she would go to the bank, cash out her change, and then would not have to go out of pocket to get whatever she needed to get done accomplished. As an adult, I still keep a piggy bank in my home, in a visible place, and quarterly deposit it at my bank. Moreover, there are several national banks that have programs specifically in mind to help you facilitate financial growth using change:
- U.S. Bank’s S.T.A.R.T. Program: “Savings Today and Rewards Tomorrow” is the motto for U.S. Bank’s savings incentive program. When you save up your first $1,000, U.S. Bank will give you a $50 Visa card. If you keep the $1,000 in your savings account for one year, you will receive a second $50 gift card—that’s a 10% return on your savings!
- Bank of America’s “Keep the Change® Savings Program”: This program saves your spare change for you by rounding up your purchases to the nearest dollar and depositing the difference into your savings account via auto-draft.
- Wells Fargo’s Way2Save® Program, formerly a Wachovia bank program: When Wells Fargo bought Wachovia, they kept this popular savings method. The program permits you to set up daily transfers from your checking to your savings account and also to deposit $1 into your savings account every time you complete certain actions.
So, savvy savers. Just by saving change, you could be able to pay down debt, pay for small home and car repairs, or save for kid’s tuition funds, or perhaps a much needed vacation. How will you be utilizing the spare change in your home? Please leave me a comment below, and let me know how you will best use your change!
Here’s to Saving,
