Saving Spare Change

Good morning!  Today, I want to ask you if you like or want to save some extra money.  I personally am terrible about saving money.  I want to, but it never seems to work out.  I will get a bit saved and then inevitably I have to get into it to use it for something.  It is so saddening.

Recently an app called “Acorns” was advertised somewhere.  Facebook I think?  I cannot remember.  The concept behind this application was to assist you in saving your spare change.  You link the app to your debit and/or credit cards and it keeps track of your spare change.  So if you spend $2.25, it rounds up to $3.00 and $0.75 would be your investment amount.  After you build up so much in spare change it will draft the amount from your bank account and into this Acorns account.  They invest your money in various ways for you.  They charge you a minimal monthly fee, blah blah blah, et cetera.  It can make extra money or it can lose some money.  Anyway it seemed like a fairly good idea for saving money but when you start looking into reviews and concepts, the fees they charge, although seemingly low ($1.00 per month up to a certain amount) are a high percentage rate when compared to investing with larger amounts of money. Also you get into having to pay taxes on the money as well and I just do not want that headache in my life yet. Several people raved about how this has helped them to save extra money and I think that is absolutely fabulous.  Great job!  I however am hesitant to take this route.

Capital One has what they call a 360 Savings account that has a pretty fair interest rate for a savings account these days. As of the day of this writing the APR is 0.75%.  It is also a free account.  I have decided to keep track of all money I spend personally and round my change up.  If I spend an even dollar amount I go ahead and write down one whole dollar to go in as well.  Why not?  I am trying to save money right?  Then shortly after I get over a certain amount ($20.00) I am drafting that amount to my savings account.  All for free with a little bit of interest.

I try to save a little every paycheck anyway, sometimes it is more or less, but I am sure you are familiar with how that goes.  Life has a way of throwing curveballs sometimes and you never know what you are going to get.  With the spare change savings, I have managed to add and extra $75.00 to my savings account since the beginning of February.  It is not a lot, but it is extra/more than what I would have put in otherwise.

There is one other thing I have been doing to save money also.  Ever wonder what to do with those popcorn tins you get around the holidays?  Stash it away somewhere and throw all your physical change in there.  I am curious to how much one of those things will weigh when filled up.  😉

What are some ideas or ways that you like to save money?  Are you going to try to save with spare change?

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