Saving Money by Collecting Loose Change

Piggy banks aren't just for little kids—every family should have at least one! (My daughter's not even 3 years old and has three of them!). In our house, my family's piggy bank is an old gallon wine jug. It looks cool and does its duty—racking up all our loose change. Every six to nine months or so, the jug fills up, and we head to a local bank with a free change machine. It usually adds up to about $300, which no one should sniff at! I mean, couldn't you use an extra $300 right about now?

Here's how to become a master coin collector:

• Empty your wallet. Today, empty all the change in your wallet and in your change purse. Go on, get to it! And get everyone in your family to do the same.
  
  
• Go on a treasure hunt. Check under the sofa, in between the cushions, in your winter coat pockets, everywhere! Again, little kids will love this challenge, and so will you!
  
  
• Pick out a container. It doesn't have to be an actual piggy bank, especially if a pink ceramic pig clashes with your shabby-chic decor! A water jug, a big jar, a funky vase, whatever!
  
  
• Figure out a system. Maybe you designate a special day during the week (Miss Piggy Day?) where everyone collects their change to drop in the piggy bank. Or maybe you throw a pocketful in the jar at the end of every day. Just remember, the coins go in, but they don't come out.
  
  
• Cash in. When your mini-bank is full, then you can head to a free or low-cost change machine and prepare to walk away with a nice, fresh stash of cash.

Add up how much money in coins you found. It may look like chump change next to your bloated bills, but piled up over the next few months, it can add up to hundreds of dollars (hopefully!). Make that money special—use it for something that you or the family has really wanted or needed. In my household, we've used our change money to buy our washing machine (floor model, heavily discounted, of course!), take our extended family out for a nice dinner, and start lil' B's college fund. Now that's just plain common cents (wink, wink)!

Get more financial advice from our personal finance expert, Carmen Wong Ulrich!