Speaker | Entrepreneur | Author

Sam Davidson's blog

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Simplify Your Life by Depositing Pennies Regularly

Pennies have to be the most worthless piece of currency out there. I'm all for abolishing them, like these people. But until they're gone forever, you'll still need to deal with them. Unless you want to save them up for trips to local wishing wells, I say deposit them each time you go to the bank. This is the only way to actually put them to good use. Each time I go to the bank and go inside to make a deposit (which is about every other week; as an entrepreneur with lots of clients, pay is sporadic), I take whatever pennies I've accumulated since my last visit. When I drop off my checks, I also put those pennies in my account. Sure - my deposits look odd, but it's money in the bank (literally). Stubs for $300.07, $750.11, and $250.02 may throw the teller off, but trust me - they can handle it.

You may want to stash your pennies in a jar, but taking them to the bank frequently clears clutter:

  • No need to have a change jar. One less thing to own and take up space.
  • No need to buy or have coin wrappers. There's never a good place to stash those anyway.

You can do this with any change you have, of course. I like to keep silver coins in the car for parking meters, but the bank takes nickles and dimes, too, of course. Getting rid of your pennies in this way actually puts them to use. No more lose coins in that junk drawer.

What do you do with your pennies?

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