Here's a piece on how you can cash in on your spare change (with a few financial tips thrown in) courtesy of ARA Content:
The pledge to stick to a budget is one of the most commonly made, hardest to keep and often broken New Year's resolutions. Yet becoming financially fit in 2006 is not an impossible goal for the average American family.
The new year is the perfect time to make a fresh financial start, when post-holiday bills and pre-tax season planning inspire many people to become more financially fit. Financial planners agree that following some basic steps - like setting priorities and taking stock of expenses and income - can give you the best chance of keeping this important New Year's resolution.
Recently, the extended financial community has also been directing consumers' attention towards an often overlooked source of "extra cash" - their spare change. The average coin jar can weigh anywhere from 1 to 40 pounds, depending on the mixture of coins. Cashing in their coin jars is a "weight-loss pledge" that individuals could find easy to keep.
"Approximately $10.5 billion in change is hidden in U.S. homes," says Alex Camara, senior vice president and general manager, worldwide coin for Coinstar, Inc., whose big, green machines can be found in the front of supermarkets across the country. "That breaks down to about $99 per household. With gas prices uncertain and huge home-heating bills looming this winter, many individuals feel they can't afford to overlook any source of cash."
"The majority of the population accumulates spare change," Camara says. "The new year is the perfect time to make financial resolutions and do something proactive with that change."
Here are some basic tips for getting financially fit in 2006:
Set Priorities
- Define your financial priorities for the coming year. Is your goal to reduce or eliminate your credit card debt? Increase your retirement savings? Establish a college fund for your children?
- Recognize the difference between needs and wants. Most of us have far more wants than we could possibly finance. Plan to pay for the needs first. Assess just how much it costs every month to fund your family's basic needs, including housing, food, utilities, health care, etc.
Take Stock
- Gather up all your monthly bills and make a list of what you pay towards each.
- Collect receipts for a few months. Every time you spend money - whether it's for groceries, going to a movie, dining out or buying a pack of gum - keep the receipt. Use them to create a list at the end of the month to show you where your pocket cash is going.
- Similarly, take stock of all your available sources of income, including your salary, spouse's salary, bonuses, etc. Turn your spare change into cash that can be used for holiday bill-paying or to boost your savings account by visiting your local Coinstar Center. Visit www.coinstar.com to find a location near you.
Create a Budget
Once you know how much money you have coming in and going out every month, create a budget based on your priorities and past experience. Be realistic about what you can and cannot do without. For example, if dining out is a big expense every month, you may be able to trim it down, but probably shouldn't eliminate it from your budget all together.
FMF recommends: You Need A Budget because it's a simple, effective, powerful budgeting system
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