For a number of years, I’ve been in the habit of keeping my change.  Primarily because it’s very inconvenient to spend it.  When is the last time you whipped out a handful of pennies to pay for that can of Coke?  Exactly.

Bank of America is pushing their “Keep the Change” program, in which they round up each of your transactions and throw the difference in to your interest bearing checking account.  It’s a nice idea, but it’s too convenient.  I can still get at that money if I want to.

With my method, I throw my change into a 5 gallon water jug and forget about it.  I never see a balance on how much I’ve got in the jug, and it’s so inconvenient to take the change out, that I rarely do.  It’s also a good place to throw your left over dollar bills, and I can tell you, they are even harder to get out than the change!  What ever you need those bills better be worth the hassle of getting them out of hock.

The big drawback is that I don’t earn any interest on my private savings account, but it’s the price you pay to keep a lid on your change.  Some would accuse me of being unable to control my access to my savings account, and on the surface, you’re right.  But the fact is that saving my change is such a small part (yet not negligible) part of my saving, that I figure I can afford to turn down the 1.5% a year in interest I’d gain on that small chunk.

I plan on using the money at some point, but I’m not sure for what.  More than likely a college fund for our kids (when we decide to have them).

If you like my idea of using the 5 gallon jug, you can pick one up at your local Target store.

What are you’re change saving habits, and what do you plan to use your spare change for?

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