WifeAdvice.com

photo by jswieringa
I’ve recently read several articles in which the authors advocate getting rid of the penny. Some even suggest getting rid of nickels, dimes, and quarters too! I think these authors are missing the incredible value that a guy like me places on loose change.

My wife keeps a pretty tight hold on the purse strings. Many marriages fail because of money problems, so I’m all for a budget. However, my weekly allowance has steadily decreased over the years, despite the fact that my salary has increased. Currently, I receive a $10/week allowance. This allowance applies to anything I want to buy that is an “extra” (music, eating out, a magazine…) but would not include budgeted expenditures (clothing, haircuts, school supplies…). Every month, I receive a report from my wife outlining my expenses. To avoid an issue, I try to keep my spending within the $10 limit, but sometimes that is difficult.

One day I was in the car and realized the console had about $5 in change. I began to think about this change and thought, “How is this change accounted for?”

We use computer software to track all of our expenses–every bit of money that is spent, whether it’s credit, debit, or cash. When we record the cash, we always round up. So if I use cash to buy Slurpees for the kids, instead of entering it as $2.51, we just record that I spent $3. Since the loose change is not recorded in our system, it is in effect “free money.” When I discovered this fact, I immediately began to hoard all the change I could find: from the car, from my wife’s purse, my family members’ couch cushions–everywhere I could find it. I stockpiled all of this change in a box at work and began using that to supplement my $10. This free money has enabled me to eat out with the guys more often and even purchase a few extras.

So, do I support doing away with coinage? No Way! It’s a necessity required for my survival.

Note: Unfortunately I have been relying too much on the loose change and have only been spending about $6/week of reportable money! This has caused my wife to reevaluate my allowance, which may lead to further allowance reductions. Luckily, I know a few tricks for skimming money; I have dubbed October “Money Skimming Month.” Look forward to some helpful tips!