How to save money with a family fun jar

How many of you have countless change around the house, in your car or jean pockets? Any easy way to “organize” this mess is to create a family fun jar and collect that loose change for a special event. This is a great way to get the family involved in saving money and watching it grow and it is amazing how rewarding this small, yet easy activity can be.

Once you get started, you will be surprised how quickly the coins add up. Even putting aside $6 per week, in 6 months you will have $156 which can be enough to take the family for a fun night out. Here are some simple tips to get you started:

Set a goal – it’s as easy as choosing a small reward such as purchasing a bike or you can think bigger and use it for a vacation. For children, you may want to start with small rewards and work your way up, so they can see the benefits sooner.

Choose the jar – Glass jars or transparent containers work the best so you are able to see the coins accumulate. Depending on the size of your goal, choose a jar that is appropriate for the reward. If you are saving for a week long vacation a 5 gallon water jug will do the trick, if you are saving for a roller blades or a family fun event a pickle jar will suffice.

Choose a certain coin – another easy way of staying motivated with the goal is to only save a certain type of coin such toonies or loonies only. When doing this, every time you get change from shopping you will make sure to save those coins for when you get home.

Find the money – make a habit of looking for ways to add money to the jar. Whether it be emptying your pockets at the end of each day or looking for unused items in the house that can be sold at a garage sale or online. Another easy way of accumulating change is to pay with CASH more. Put away your credit and debit cards and go back to the old fashioned way of paying for things. Not only will your jar fill up quicker and you’ll reach your goal faster, you will start to become more conscience of how much you are spending each month. 

Count and cash in – I would avoid using those coin counters that charge you a ridiculous fee of 11% for using their machine. Some banks even have FREE coin counters, as long as it is less than $200 per transaction. However, I think the best way to count the coins is make a night of it! Turn on some music, get the family together and starting counting.

To keep the momentum going, set a another goal and start the process all over again. Not only will you enjoy spending the money, you’ve instilled good saving habits to your children..and maybe even to yourself.