Extra cash is always nice to have on hand, and in a debit world, cash can be in short supply. In my family, I have started saving extra cash to create a nest egg for a rainy day. When you are used to our cashless society, saving cash on hand isn’t as easy as it seems. Here are three ways we are saving extra cash.
Every week I collect change out of the bottom of my purse, from my wallet, from our vehicles, and from my nightstand. I have a teapot that I throw extra change into and each week I add to it. Most of this change has been forgotten about, so it’s not being taken from somewhere else or out of a specific budget category. It’s simply extra that will eventually add up. When my teapot becomes too full, I roll the change and take it to my bank to cash in. I could load up all the change and take it to a coin counting machine at a local grocery store, but that machine charges a fee. If I count and roll the change myself, then take it to my bank, there is no fee. My bank will even give me the coin rolls free of charge.
After I cash out, I put the cash somewhere safe — usually a jar or another teapot in my kitchen. Knowing that I have some cash put back for an emergency gives me a small measure of security and peace of mind.
Save $5 Per Week
Every week when I deposit a small income check, I get five dollars cash back. That five dollars will go into my emergency stash teapot with the other cash I have saved. If your budget is extremely tight and five dollars is just too much, start with one dollar. Every little bit makes a difference and the point is to just get into the habit of saving cash.
Pay With Cash
Paying with cash can be hard because most of us have become so accustomed to just whipping out a debit card when we shop. Try to start a habit of paying with cash and stop using the debit card.
Don’t Use Exact Change
Once you start paying with cash more regularly, don’t use exact change. If something comes to $5.18, I pay with six dollars. This will give me back 82 cents in change, which will then be put into my teapot and will eventually be rolled up and changed at my bank.
Get Cash Back
When you shop and pay with a check or debit card, you are usually given the option to get cash back. Do it! Ask for the smallest amount of cash back available (usually five dollars) then save that cash!