Key Points
Everyone receives small amounts of spare change from time to time.
The author discusses what he does with his spare change.
The author would like to know how you the reader spend your spare change
I was just coming out of WAWA a place I dread because of the obscene amounts of money I have spent there in the past. See past article https://steemit.com/debt/@moonknight1977/the-dirty-four-letter-word-no-one-likes-to-talk-about-debt. However, in the not so recent past I have cut back going there tremendously. I believe there are certain items which WAWA jacks the price up WAY too much on. An example of this is 20oz bottles of coke selling for $1.99 but they offer you a "deal" when you buy two 20oz bottles for $2.99. A much better deal would be going to the local Wal-Mart and purchasing a 6 pack of 20oz bottles for $3.99. Of course one can always talk about buying cans of coke instead and getting a better deal 24 can at $8.99 about .40c a can.
But, I digress this article is not about coke, soda, or the cup of coffee I paid a $1.80 for. ( This is the only vice I could not stop purchasing at WAWA.) This article is instead about the .20c that was left over when I paid cash. As I got into my car to leave, I automatically placed the .20c with the other spare change I collect in the center console of my car. This has become second nature to me at this point. Then on a monthly basis, I take the collection of coins and place them in my change jar.
Then in January, I empty the change jar and move the balance of whatever coins and spare dollar bills (yes I put dollar bills in there also!) to the bank and deposit the money into my Roth IRA. I started the Roth IRA back in 2006, with just a few hundred dollars. Every year I deposit the money from my change jar in there, its never much. I believe the most I have ever deposited has been $110. Last January it was $54. Again, it's never an amount I would ever miss. I have no misconceptions, this is not the proper way to fund a retirement plan and I don't want anyone thinking I am saying is. I have a 401K I contribute to regularly at work.
This is about the fact that since 2006 the amount in that account has grown to just over $1700. Again not much. Some people may even say why bother putting away such a paltry amount. But I have a plan for this account. When I plan on "retiring" (still a long ways off I know) I plan on taking part of my pension and since I would no longer be contributing to my 401K placing a regular amount into my Roth IRA. I plan on being able to utilize these funds to possibly put off withdrawing from social security for a year or maybe even two depending on how many years I can stash away money from my pension once I stop contributing to my 401K.
So essentially, I am using my spare change to START this fund which I plan on using later on in my life. My wife on the other hand collects her spare change in a huge jar in the bedroom. In the near 7 years I have known her, not once has she ever withdrawn from it. I have absolutely no idea how much is in her jar.
I don't believe she's wrong in what she's doing. She has her method of doing things. I really don't believe there is any wrong answer to this question as it really is just a matter of preference. But, I was just curious to know what the readers of these articles do with their spare change? Do you save it for a vacation? Do you save it for Christmas? Do you use your spare change to fund a night out for dinner?
I would really love to hear what everyone does with their spare change.
Author's note: This article is all my opinion and should not be relied upon for predictive behavior or outcome of any financial decision or tax implications, or investment performance. It is all my opinion. You can follow me on Twitter @TheMoonknight77 where I mainly follow NWBO, send prayers for cancer patients and post Steemit articles on topics which I enjoy. Yes I am NWBO Long and a share holder.