Re: The Money Jar Trap - Why Many Lose Money With A Coin Jar
Hi! I'm new and recently frugal. I started a coin jar last year. I pop all my change, $ saved grocery shopping with coupons, any money I saved getting something on sale, and the last 2 months have been throwing in singles and fives. I never missed any of it! It goes to the bank at least once, preferably twice, a month, so it doesn't just site around. I saved about $1,000 in 2006. I expect to do at least twice that this year.
I go to the bank with the coin machine, so there's no cost for redeeming them. When I get close to $1,000, I open a $500 CD. This way I'm not tempted to spend it, but I can close the CD in an emergency. It's a nice little way to save a few extra bucks in addition to 401K and auto savings.
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