Maybe you had a coins jar at some point in the past, possibly when you were a child, and like me you might have looked at it in anticipation every time you put in a coin, hoping that single penny would somehow magically fill up the jar to the top… or at least get you to your savings goal in order to buy that new Nintendo game… I at least had one as a child and definitely enjoyed the process of saving up and seeing my little nest egg grow. But despite reading about coins jars on many money and finance blogs, I never started this in my adult life, as I wasn’t convinced or indeed saw the point of it, as I didn’t think those coins would ever get me anywhere near my savings targets with the amount of change I’d put in.
That was until recently when I read about this concept again in MJ DeMarco’s book “The millionaire Fastlane”. DeMarco agrees that a coins jar, or a change bucket as he calls it, won’t actually make you rich and definitely won’t make you a millionaire. But he does express two advantages that having a coins jar can give: Continue reading