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Why you should collect pennies

By Edited Nov 13, 2013 0 0

Collecting pennies can add to dollars overtime. If you were to collect pennies for an entire month that could possibly add up to hundreds of dollars. If you are determined and can collect enough pennies to get to that amount it can be done. You are probably thinking what you are going to do with all these pennies once you have collected them. There are so many things you can do with your new found wealth.

Use the money as an emergency fund. If you save at least $500 to $1000 in pennies, that is enough to start a good emergency fund with. Planning a trip sometime next year, why not save your pennies. Again pennies can add up if you save enough and follow my advice on how you should save and collect pennies. You can find pennies practically anywhere. Use the money for Christmas gifts or maybe a down payment on a car. If you want to use the money to pay a bill off, you can do that too. This is money so it can be spent just like you would any other form of currency.

Where to find pennies

Start looking for pennies in your home. I have found plenty of pennies lying around on my dresser. Whenever I clean out my purse there is usually one or two pennies hiding somewhere in the pockets. Going to the store to make a purchase and you are using cash, you are sure to get some type of change back in coins, especially pennies. You can also request to receive your change in the form of coins back in pennies. Take out the pennies and put them in a separate pocket until you can put them in a jar. Walking down the street and you are looking down, you are sure to spot a penny. Tell your family or coworkers you collect pennies. You will be surprised how many people want to get rid of pennies because they cannot see the value in them.

What to do with your pennies

Okay so you know how you can collect pennies but how are they going to add up to $1000 or even $500 dollars you may be wondering. When I want to know how many pennies I can collect for the month, I find it necessary to mark on a calendar or piece of paper. First determine what you want your magic number to be. This is depending on how many pennies you can collect each day. Let's go with $500 dollars since we are using this number anyway. You want to collect this money as stated to make a purchase or start an emergency fund. How would you get to $500 dollars by collecting pennies? The answer is easy. In order to get to this amount you would need to double the amount of pennies you have collected from day one each day. For example, you collected one penny your first day. The second day you would need to collect two pennies. The third day you would need to collect four pennies and so on. Each day you will double the amount of pennies you collect the previous day. This is how you get to that magic number of $500. In order to get to this number you would need to collect 50,000 pennies. Remember there is 100 pennies in a dollar. This is how you know how many you need to collect to get to your magic number.

Once you have collected those pennies, you can roll them and take them to the bank and deposit them. I would suggest you purchase a coin sorter machine. This will save you time having to roll all those pennies. You are probably thinking you can just simply save all your change and get to $500 dollars that is true. The reason I chose pennies is because they are always lying around somewhere and you always get them back in your change.

You don't necessarily have to try to save all the money in one month's time. Try saving it over a two month period which is even better. Split you $500 dollar goal into half for each month. This equals to 25000 pennies per month. Give it a try even if you are not doing it on purpose and see how much your pennies add up to be. You will be surprised at the amount of money you have collected overtime.



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