One of the better habits that I’ve practiced over the last few years is collecting loose change for a worthy cause, namely my own debt payoff.  Whatever is in my pockets at the end of the day gets thrown into a big urn in my living room and once a year I wrap it up and take it to my local bank to deposit into my checking account.

I’d use a piggy bank, but there isn’t one big enough for a whole year’s supply. All things considered, any sturdy jug, pail or basket will do.

I usually end up with a few hundred bucks, even after I keep quarters in my car to feed the parking meters and use that money for paying down on a nasty bill. (Usually my post-Christmas credit card statement.)

Bank of America does something of the sort with their “Keep the Change” program, whereby each time you buy something with your Bank of America Check Card, they round up your purchase to the nearest dollar amount and transfer the difference from your checking account to your savings account.

But you don’t have to feed that pig and let them use your money to lend out at 25% interest. You can do the same yourself by paying cash around town and emptying your pockets when you get home.

Now you won’t earn any interest on this money, but that’s not such a bad thing. One, interest rates are at historic lows and most major banks are paying close to nothing. I just checked online with PNC and they pay a whopping 0.05% on their Statement Savings account. You then have to pay taxes on those paltry earnings. Two, it’s not likely that you’ll deposit a few cents into your savings account every day.

But perhaps the biggest concerns is that at the end of the day, savings accounts are too easy to access when you need cash, either by hitting an ATM for a withdrawal or transferring to your checking account. With the coin drop method you’ll have to take the time to roll your coin and deposit it to your bank to spend.

I’ve mentioned that I wrap these coins myself. Some banks actually provide free coin counting services, which is a great perk if you can get it. One alternative is to use services like Coinstar which places machines in grocery stores and other locations that automatically counts loose change for you and pays you in paper bills. I am no fan of these services because they typically charge a tidy sum (around 7 or 8 percent) which is too much of my hard-collected money to give up.

You can often get coin rollers for free at your bank or buy huge bags at office supply stores or online.

Another option is to buy a motorized coin sorter, but that’s a waste of money. Especially if you’ve got kids, whose nimble little fingers can sort, count and stack just as fast. Make it a family affair (that teaches the value of money and math!) and you’ll be carting bales of coins off in no time.

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