How to save money using a coin jar

It’s true what they say, money doesn’t grow on trees. It does however seem to sprout up throughout the house — in the couch cushions, in the washing machine, under the car seats and getting sucked into the vacuum cleaner.

Sure these are only coins, often the little silver coins that slip between your fingers (what can you buy for 10c these days?), but add up your spare change over a year and you have hundreds, maybe even thousands, of dollars you would have otherwise overlooked.

Queensland Country Credit Union Members Angela and Tony use their local branch’s on site Coin Counter as part of their savings strategy.

“We save our change for spending money, things like holidays,” explains Angela, whose children and grandchildren live across country. “If ever we buy something using a note, the change goes straight into our money pots.

“Every couple of months we get about $600.”

Whether you save every coin that comes your way, only the silver coins or you involve the entire family with a coin saving target, establishing coin saving as a regular habit will make a positive impact to your personal savings.

Consider it “free money” even though it was really yours to begin with.

There are a few things to consider when making your coin jar saving efforts a success:

1. Size

Pick a reasonable sized jar to motivate you to fill it. A jam jar may overflow before your monthly bank visits, but weekly would work a treat.

2. Placement

Place your coin jar in a visible and convenient spot, to prompt you to use it. Somewhere close to where you empty your pockets or arrive home, and somewhere out of sight (and reach) of little hands!

3. Banking

Don’t wait for the jar to fill, deposit your savings regularly — fortnightly, monthly, quarterly — however often fits your purpose. Remember, the number of coins in your jar will increase as it fills, but their value won’t grow just sitting in a jar.

Coin Counters, like those at Queensland Country Credit Union branches, are simple and free to use for Members. Simply take your jar to your preferred branch, pour your coins into the machine and let the machine do the counting. (It’s kind of like the pokies except you’re guaranteed a payout.)

The machine will issue you a receipt, which you take to the teller and deposit your spare change savings into your account. It’s as easy as that.

Take your empty jar home to start the coin saving process all over again. That clink of the coins hitting the jar really is addictive!

Coin Counter machines are located at Queensland Country Credit Union branches at Aitkenvale, Ayr, Deeragun, Weipa, Mount Pleasant, Mount Isa and Beaudesert.