My Money Optimization
Coin Saving from Me
The science of money and everything that is influenced by money is what inspired me to study finance in my MBA program. Money makes the economy go in cycles. It determines the quality of life that you have now or will have in the future. People who are not financially endowed, have to make moves to increase their pockets. The questions you may find yourself asking: How can I optimize my money? How can I stay motivated while completing a financial goal?
There are many ways of answering those questions. However, for me, one way I increase my earnings is through my favorite hobby: COIN SAVING!
What motivated you to do this?
About four years back, I saw this article about why coin saving can help people save on an expense. It didn't matter what expense you had, just as long as you were towards a goal. The author wrote that he was able to save $389 in coins within a single year ($346 after the 11% Coinstar fee). He saved that through collecting change from daily expenses, finding loose change in his home, and looking for it while running errands. Hearing about his story inspired me to do the same because I look at it as an opportunity for a 'come up.'
I am always finding avenues to make money. I believe in a process of what I call 'money optimization'. It simply means finding a financial route that will help you gain the most out of the money you have. It's a strategy anyone can benefit from and one that gets done daily. I found coin saving as a way to put my money optimization strategy into motion.
How did you start out?
I first started out by using my high school graduation Coke bottle. Any change I kept, would go into the bottle and in the hiding spot (insert laugh here). Not that much different from how the author did it. Every week, I would take out the change, count it, then leave the amount signed on the bottle. I repeated this for four months before cashing out. I go into a Walmart, use the Coinstar money, receive a $30 voucher, then cashed it in at the register.
For a few months, I took a pause in coin saving because I felt that it wasn't making me hundreds of $. My younger self failed to understand that saving money is a marathon, not a race. When you have a long-term financial goal, do not think that your $50 will turn into $5000 overnight. That way of thinking leads to disappointment and unrealistic expectations.
What got you back on the coin saving trail?
I first had to think about what expenses I could save money on by analyzing my monthly budget. My findings told me that I spend a lot of money on food. I will be honest and say that because I strongly dislike cooking, I will not hesitate to go out and buy food or have it delivered. Once I found this out, I knew changes had to be made. From there, I resumed coin saving, made small financial goals, and my food budget appreciates it.
How has it paid off so far?
Coin saving is a long and consistent part of my money optimization strategy. Now that I have a strategy that keeps me disciplined and focused, I will not give up on it anytime soon. I've resumed this activity for almost a year and it has paid off tremendously. I will close out the 2020 fiscal year with $159 saved. I used my savings to start another banking account at my local credit union. Through saving, I was able to complete two financial goals: save over $100 in coins, and open another account. I am proud of what I've accomplished this year. It is the starting point of finding ways to make my money optimization reach its fullest potential.
My money optimization strategy looks very promising in 2021. My 2021 coin savings target is $260. That's $101 more than what I made this year. I'm excited for 2021 because the options I can do with this amount are plentiful. Contributing to my monthly student loan payment? Investing the money into the stock market? Paying for a flight to New York? I haven't decided what I will do with the money right now. But what I can say is that it'll be worth it!
About the Creator
Writing about life experiences, personal finance and, career insights that impact the millennials and Gen Z culture.
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