Can You Get Rich Saving Coins in a Jar?

Do you know anyone with a full water jug full of coins? What about something smaller like a mason jar? When I was little, I thought I could get rich if I just started saving coins. I would collect coins from in between the couch cushions and put them in my little container. I think I got up to $14 before I spent it on a new barbie van.

The reality is, it’s a slow and tedious process. As inflation increases and coin denominations stay the same, it becomes harder and harder to save up a meaningful amount of coins. Think about it – about 50 years ago, you could go to the movies for 46 cents. Nowadays it will cost you almost $20! It will take you a lot more effort saving coins to reach $20 than it takes to get 46 cents.

Why Should You be Saving Coins?

So this brings us to the question – why does anyone save coins in a jug? At least part of it is psychological. Coins are hard to keep track of. They are easy to forget. It’s easy to deposit them in one place and let them work for you.

There’s a visual aspect to it as well. There’s a reason it’s popular to save coins in a clear jug or water container. It’s rewarding to see it add up. Some people need the visual feedback and the accountability of having their savings right in front of them.

Most people use this “change” fund for something fun. I’ve seen people put this money towards vacations or a nice meal out. It’s up to you what you want to save for.

Why Wouldn’t You Save Coins?

Simply put, it’s difficult to constantly be saving coins. First, to get coins, you have to be spending cash. Not everyone spends their income in cash – unless you’re using the envelope method of saving. If you don’t have coins, to start with, it’s difficult to save coins.

Just like stashing cash, you aren’t letting your money work for you. You aren’t gaining any interest and you are actually losing money due to inflation. While you probably wouldn’t make too much interest off some extra coins, especially with interest rates so low right now.

An alternative is to look into a service like Acorns where they round up your charges and invest the “change”. This could be done in conjunction with saving your physical coins but it’s the same idea.

Have you spent time saving up spare change? What do you plan on spending it on?