What's a penny worth? Its value has changed over time: it used to have the equivalent spending power of a dollar, then a half dollar, then a quarter. Nowadays, most of us never use an individual penny for anything, and our neighbors up north in Canada have actually stopped producing their own penny entirely. On National One Cent Day this year it's only natural to wonder: does the penny have any value at all anymore?
The answer is that while one penny alone may not be worth anything, put enough of them together and you get a dollar, and put enough of those together and you've got enough to buy what you want. This is why making an effort to save in even small ways can have big upsides, and why we're here today to show you how to harness the power of the mighty penny.
If you still use cash to buy things, then you're probably used to finding coins turning up in all sorts of weird places in your house. The reason for this is that you drop the change in your pocket when you buy something and then promptly forget about it. No big deal, right? It's not that much money, just a little spare change. And while that's true, considering how much money we spend on a weekly basis, that change can add up fast. And that's where a coin jar comes in.
Any kind of jar or container will work just fine for this purpose. Just plop it on your desk, counter or by your entryway, and whenever you come home make it a habit to drop your spare change in it. At the end of every month or so, roll up all the change you've saved and head to the bank to deposit it or exchange it for cash.
If you're the kind of person who uses credit cards more than cash, you can still help yourself save with a coin jar, just a virtual one. Tip Yourself is an app that rounds up all your credit card purchases up to the nearest dollar, and puts the difference in a special savings account. You won't even notice the difference in cost on a daily basis, but at the end of each month you'll have a nice little sum waiting for you.
We've posted a lot of blogs on how to save money: how to keep your Valentine's on budget, how an auto title pawn could help you through the holidays, and countless others. The important thing to remember about every money saving tip is that it takes patience and perseverance. It can feel pointless at times to save one cent a time, but never forget that small amounts over long periods of time can have huge dividends.
This National One Cent Day, make it a point to start a coin jar for yourself so you can save towards your future one penny at a time.