Man buys car with loose change
@eclecticsteve (253)
United States
December 29, 2007 1:36pm CST
Earlier this week on MSN.com, there was a story about a man who bought a car with loose change. He had been accumulating his loose change until now and used the money to buy a car. Critics say he could have earned interest on the loose change by bundling it up and putting it in the bank, but let's face it, unless you open up an account where only the loose change goes in and you don't touch it, any loose change will be co-mingled with your expense money. When I heard this, I thought it was a novel way to save for a new car, or even the down payment for a home. Personally, I can't do this - I have a tendency to roll up my excess coins and deposit them at the bank.
2 people like this
2 responses
@morgandrake (2136)
• United States
29 Dec 07
For me, the only real savings that I do have is my loose change. If it gets rolled up and deposited into the bank, within a couple of months it has gone to pay one bill or another. Sure I can earn interest; but considering how low the balance is in my saving account, it generates nothing. I would be better off keeping my loose change in a jar, just so that I don't spend it. Or maybe I should consider opening an account that I never touch (as if that is going to ever happen). Personally, I realize that he could have earned interest; but if he is like me, he would have never saved enough to buy anything.


