Teen Money Tips - Keep your small change!

Every time you guy to the local shops to buy a drink or rent out a movie, what do you do with the small change you have left? Many people just spend it (either then or at a later date) But today, I am going to show you why you should instead save that small change, and also how you can save it easily.

Simple steps to saving small change -

Step 1 - Get a jar
Step 2 - Label the jar "Small Change Savings"
Step 3 - Every time you have small change put it into the jar.
Step 4 - Do not use the small change until the end of the year (if you start half way through the year then stop half way through next year etc.)

Its as easy as that!

Now let's work out how much you could save using this method! First of all, work out on average how many cash transactions you perform a week that result in you getting small change. In this example, we will use 5 transactions a week. Now let's say that on average you recieve $1.20 in small change from each transaction (on average)

Now let's do some maths :( -

5 x 1.20 x 56 (weeks in a year) = $336 in small change a year. That $336 could be saved, invested or spent on something far better than what the individual bits of small change would have bought. It really is that easy to save an extra bit of money each year!