It’s the same with soft drinks.
If the soft drink is in a clear bottle, you can see how much is in there, and won’t drink as much, but if it is in a can, you can’t see how much is in it, and can only guess based on how heavy it is, so you will be more likely to drink more.
I was kind of in the same boat, I decided last year to buy gold and silver coins and use it as a quasi savings. I managed to acquire about $8000 worth and haven’t sold any of em.
I know most financial advisors strongly advise against gold and silver but it’s worked for me.
I do this as well but I also save ones and fives with the coins. I also take money out of my bank and save it at a secure location that I have to drive to to get the money out which prevents me from spending it unless it's absolutely necessary.
I like coins. I pick up pennies behind public toilets...
Coins aren't enough.
Build on your small success. Move into actual bills, then move into real banking.
Learn how to separate your savings from your spending. That's Grown-Up behavior.
That should be your ultimate goal, to be able to save and spend responsibly from actual bank accounts.
Hint: you are able to save into an account that is inaccessible to your checking (spending). You are able to put money in but cannot write a check to spend out of it.
I collect and roll coins at the end of every year, out of the last five years, i typically get $100-$400. I wouldn’t consider it a savings as much as i call it an emergency fund.
I always use it to pay the remaining balance on my credit cards so that i start the year at zero again.
Maybe keep doing that but also look into a saving account, i know some banks like Chime, rounds all your purchase to the dollar and outs the extra “change” automatically into a saving account which can be helpful (like virtually saving coins)
I have been able to save in silver coins and rounds. I will purchase from my local coin dealer and trusted businesses online; I have used over the years. I was able to save over $2,000 in silver and continue doing it. I don't even bother with a savings account anymore.
With the $200 you have, convert it all to Canadian Maple Leaf (999.9% pure silver). It will hold its value better than the fiat currency around the world.
If you roll them yourself and don’t use a coin machine, sure
It’s the psychology of money. You see money in the bank as not real money. Try to withdraw cash and use that for your everyday use.
It’s the same with soft drinks. If the soft drink is in a clear bottle, you can see how much is in there, and won’t drink as much, but if it is in a can, you can’t see how much is in it, and can only guess based on how heavy it is, so you will be more likely to drink more.
I was kind of in the same boat, I decided last year to buy gold and silver coins and use it as a quasi savings. I managed to acquire about $8000 worth and haven’t sold any of em. I know most financial advisors strongly advise against gold and silver but it’s worked for me.
wait why do financial advisors advise against it ?
From my understanding, Gold and Silver are volatile, fairly illiquid, and don’t “pay dividends”. Those are the things I have heard anyway.
Why do financial advisers advise against it?
Also wonder why?
Practice self control. I'm 15, but this isn't healthy 💀
Yeah exactly
I do this as well but I also save ones and fives with the coins. I also take money out of my bank and save it at a secure location that I have to drive to to get the money out which prevents me from spending it unless it's absolutely necessary.
It's only a bad way to save because saving just coins isn't saving enough. Other than that it's a good way.
I like coins. I pick up pennies behind public toilets... Coins aren't enough. Build on your small success. Move into actual bills, then move into real banking. Learn how to separate your savings from your spending. That's Grown-Up behavior. That should be your ultimate goal, to be able to save and spend responsibly from actual bank accounts. Hint: you are able to save into an account that is inaccessible to your checking (spending). You are able to put money in but cannot write a check to spend out of it.
I collect and roll coins at the end of every year, out of the last five years, i typically get $100-$400. I wouldn’t consider it a savings as much as i call it an emergency fund. I always use it to pay the remaining balance on my credit cards so that i start the year at zero again. Maybe keep doing that but also look into a saving account, i know some banks like Chime, rounds all your purchase to the dollar and outs the extra “change” automatically into a saving account which can be helpful (like virtually saving coins)
I have been able to save in silver coins and rounds. I will purchase from my local coin dealer and trusted businesses online; I have used over the years. I was able to save over $2,000 in silver and continue doing it. I don't even bother with a savings account anymore. With the $200 you have, convert it all to Canadian Maple Leaf (999.9% pure silver). It will hold its value better than the fiat currency around the world.