Boosting Savings Series: Coin Challenge

are-you-up-for-the-challenge

In a previous post I briefly discussed money challenges and how people use them as extra motivators to either boost savings or pay down debt. Whether you’re saving for a vacation, a house or just want to improve your money management skills, you can never have too many tools or tricks at your disposal. This is why I encourage people to get creative about improving their financial behaviors. Not everyone gets as excited about personal finances as I do, so it doesn’t hurt to find a way to spice it up.

Today’s post is dedicated to the Coin Challenge, also known as the Jar Challenge.

What is is: Just as it sounds, you place any spare change you have in a jar for an entire year. You don’t touch it for any reason and at the end of the year, you roll it and deposit the cash into your bank account. Or get yourself a nice dinner. Your call.

Like the $5 challenge, this is also a more difficult one to achieve as it requires a great deal of cash use. I can’t imagine that it is as popular as the other challenges as we increasing automate our lives. However, it is a fun way to get kids to save as they don’t tend to have credit cards and Apple Pay.

Outcome: Varies.

Variations: Some people do a 5-gallon challenge where you fill up those big blue water cooler gallons. This works best if your whole family is uses cash and the gallon is communal as it will fill up quicker.

Why I like it: As a debit/credit card user and an avid online shopper, I don’t often think of tips and tricks that will benefit the cash fanatics. I like that I am able to find things that will be useful to them.

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