the richest man in atherstone

Having read this post by Neville of NevBlog fame, it reminded me of a birthday present I recieved around 6 months ago.

Knowing of my 'obsession' with money, my wife bought me an Electronic Money Bank to store my spare change in. I think she must have been fed up with finding the piles of coppers that had been extracted from my bulging pockets and deposited everywhere from window sills to worktops. And this doesn't include the coins that have fell out and ended up on the floor or down the back of the sofa.

I've now got into a habit where every day I empty my pockets and deposit my coins (of less than 50p denomination) into my Money Bank. If I see a coin lying around the house or even on the pavement, I add it to the box. Not only does the device count the value of every coin I put into it (based on diameter) but it also has a built-in calculator and clock and allows me to set savings targets. Upon meeting a target, the crazy contraption plays a congratulatory tune. On top of this, it comes with a 'Security Card', which must be inserted to make withdrawals, along with entering a PIN number. The security is not industry-standard, as the box is made of plastic. A small hammer or even a brick would be enough for a thief to get access to the cash, but it is good enough to stop the kids getting in!

And now, the crunch. The money I have been putting in has been enough to buy a couple of crates of beer for myself and my wife every couple of months. I can think of no better reward When I reach around £25, I empty the box into a polythene bag and take a ride down to the local ASDA, where they have a magic CoinStar machine. I fill up the machine with my money and it gives me a receipt that I can cash at the customer service desk. I should note that it charges something like 7p in every pound for this service. Cash in hand I get my beer and purchase it at the checkout (using my Morgan Stanely Credit Card for which I recieve 0.5% cashback). I substitute the Money Bank cash for money which I would have withdrawn from a cashpoint an in turn use the money I haven't withdrawn to pay my Credit Card bill........if that makes sense!

This is a perfect example of making money from nothing. I certainly don't miss the money I've been adding to the Money Bank, which makes me wonder how I couldn't notice around £150 of cash per year. Strange....

I'd recommend that anyone looking to save money give this a try. You don't have to buy an Electronic Money Bank - I don't think I would have spent the money on it myself. A home-made jar, box or bottle can achieve the same results. I'd be interested to hear what returns other people have got from using this technique.