Is the Change Jar Extra?

[daughter of pearl]

So I ran into a little budget snag this week, and I really didn't like the options that were available:
1) go to the bank and withdraw money (I try to work cash only)
2) "borrow" money from the "Saving for a Computer Fund"

I had $70 in my change jar, which I was hoping to take to the bank on Saturday for the BEF, but I decided the lesser of all the evils was to use some of that money to rebalance the budget. What's left will still be added to the BEF.

Just curious how other people use change jar money.

[beks37]

I have no real specific use for my change jar money. I just add change to it and when it gets full, I deposit it into my savings. If I find I need a quarter or some other change, I just take it from there. I consider it "extra".

What you did seems fine to me. I wouldn't want to borrow from the computer fund either!

[Neeley]

I use our change jar for completely frivolous, fun and enjoyable things.

In the past it has been my "Hotel Night" money. We normally save around $500 a year in change. DH would cash it in and rent a two room suite in my favorite hotel for a night or two. I pack up DH, the dog and the kids and we have a mini get-a-way. We would order food in, play games and just hang out.

This year I want to make two trips to Disney World. We go for a week every Christmas that we pay for with a portion of DH's annual bonus, but I want to add another trip around October. Our Christmas trip runs between $3500-$6000. But, by taking advantage of the free dining and a few other deals, we can add a trip this fall for around $2500. All of my change is going towards the money I am saving for it. I should have around $400-$500 in change by the end of July. When added to my "found money", (rebates, unexpected gift money, yard sale money, etc...) and just the regular amount I am stashing, I should have enough for the second trip by mid-August.

[Wendy99]

I think what you did was probably okay. Just keep working hard to get that BEF Once you get the BEF maybe your change jar could be used for fun things. At that point I would consider it extra.

[Libby]

I generally don't use my change jar change lol ok that sounded funny.I generally use up the change in my wallet every opportunity I get - those loons & toons add up!! I save up loose change found around the house and when it gets to a decent amount, I roll it and deposit it. Should I ever be in a pinch, I'd not hesitate to use it.

[Grainlady]

I thing you did the right thing.

I don't keep a change jar - I collect $1 bills. I've saved as much as $1,000, but always save at least $500 a year this way. I add it to a bank savings account we call Emergency/Christmas once a month.

We have a fully-funded emergency fund, so the $1 account is mainly for the "unexpected" little things. We have $10 gift limit, so Christmas gifts are well under $200/year for the entire family.

I also budget and pay myself $20 per month to cut my own hair (a short hair-do). This money goes into this account, so that's another $240 a year added to this account.

Other money (what we call "found" money) placed in this account:
-cash gifts
-garage sale
-rebates
-cash from recycling aluminum cans we collect from trash cans at the sports fields and found in ditches when out walking

If you check the list above, maybe there's something you can do to quickly replenish what you took out of your change jar to get you back on track.

[jas]

I don't save way near the amount of 500.00 a year. Of course I do my best when I am useing cash only. Sometimes I use my debt card and then there is no change. Argh. The change I do have right now I am giving to my dd17 for her spending money on her trip to New England next week. I am giving her 300.00. I paid for her tickets with other money that was saved. I hope she appreciates this.

I think you made a good choice using the money you did.

[Ceashels]

If I need extra cash.. I tend to raid the change jar if I need a few extra dollars or if I need to refill my coin purse for groceries. If there is enough to roll it goes into the bank.

[dcompton]

I use very little cash so don't get much change. What I do get is tossed in a bowl. Quarters feed the washers and dryers in the laundry room (not enough - I have to get rolls of them at the bank). When I get enough of pennies, nickels or dimes to roll, I just deposit them in checking and the become part of the ordinary cash flow. Change isn't designated for anything in particular since there isn't enough of it to matter much.

I couldn't save dollar bills in a jar - they're too valuable an item at work. Our library users have to have bills to add money to their copy/printing cards, and the vending machine doesn't give or make change. The library is not allowed to keep money on hand. So the librarian does it if possible. When I cash a check, I often get it all in $1's. Just last night at work I exchanged my two fives and ten ones for a $20 bill to help out a patron. Time to go by the bank and get more ones!

[nodmicks]

I save up my change for the kids summer trips. If I was in your shoes I would ave usd it also.

[porembam]

I have a bunch of rolled up coins waiting to used for something fun! I deposie the penny rolls into the bank and save the big stuff.

[mombottoo]

If I read your post right you have already designated your change jar funds to go towards your BEF...which means that money is technically BEF money. I personally would take funds from the computer fund, but that's just me.

[Lady_V]

I don't use the change jar as 'budget money'.

I have about $40 in rolled coins for 'emergency food' money under the pantry.

The other change jar is being used for 'vacation money'.

Once the vacation is over, it will go back to being a general change jar until the next fun thing.

[Rosebush3]

I don't have a change jar. I rarely use cash so I don't collect many coins. When I do and I make a cash purchase, I use my change so that I get little to no coins in return. This way, I keep better track of what I have and they don't get away from me. If I have a change jar with a few hundred in coins, I would feel I am doing something wrong somewhere.

[krbshappy71]

I use the change jar for my "oops!" but not for "but I really really want a coffee today". So a miniature EF without having to dip into the actual EF.