I am very conscious of my spending and sometimes I do want to blow money on silly things that are wasteful, but I always remember that there are bigger things to save for--vacations and retirement. Sure, I could go out to eat every day, but it would take that much longer to save up for all the vacations that I want to take and would take away from my retirement savings as well. I am having fun along the way (vacations), so I don't feel deprived or stressed when I choose not to spend money on frivolous things now.

I always pick up pennies I see on the ground. I think its important to do the small things, but then I'm still in college, and have never had the chance to spend large amounts that I can make big changes in.

A penny saved is about 1.33 pennies earned, before taxes. Or you can think of it this way: considering the national savings rate is currently 5%, a penny saved is 20 pennies earned.

Saving your pennies is worth it, especially if you think of it as a game. I put all the coins in a jar, then take it to Coinstar in exchange for Amazon gift card, which I'll use for Christmas shopping.

Save tons of pennies by eating fast food from $1 menu.

I do pick up pennies, but I don't trace where it goes after it goes into my pocket. Did I use it when I needed the tax and only had bills? In that case I didn't break a bill. Did I place it in a charity box? I didn't save anything but It made be feel better is that worth something to me? Did I plunk it into a jar ( in my case my big green crayon) and accumulate it with other change which I then use to get more bills?

Is a penny saved a penny earned,I'd it depends on what it eventually does afterword doesn't it?

Hate to be too deep, but it's sort of like saving someones life, was it worth it? There is no way to know.

As for the coffee, I don't drink it, I've never really cared for it, so I haven't "saved" any money from that.

Collecting change is sort of like tricking yourself into buying something later. Granted you could have just given the cashier eighty-five cents when they asked instead of breaking a dollar. But then you wouldn't have as much change later to get those few extra dollars for a trip, or a gift card.

I once paid an entire phone bill in pennies that i picked up around school. Yep, $20 in pennies. Money that i didn't have, until I started thinking small. One penny doesn't seem like much, until you add that to a bunch more pennies. It adds up fast. same with coupons. Saving 50 cents doesn't seem like much, until you add them all together and save $36 on your grocery bill (a 16% savings total). I'm all for saving small, but don't get carried away. You still need a life.

The latte factor is like some PeeWee Herman button that drives me insane every time I hear it. My whole brain going "AHHHHHH". The assumption that everyone is spending $5 a day on some useless habit that they are unaware of. That I need to get rid of everything in my life so I can retire rich. Balance people.

I point out pennies to whichever child I happen to be with. To a child, a penny found is the highlight of the day.

I remember the first time I read Automatic Millionaire I just about fell off my chair when he used a lady from the audience to illustrate his point. She spent 22 dollars or something, it was only lunch.

For me the latte factor would be about 1.65 (size of a large coffee at tim hortons) and it would significantly affect my life to remove it.

BUT I will pick up a penny if I see one and I will drive a rusted out, piece of poop, 1985 car to save that stupid 300-500 car payment. I think everyone has to evaluate what part of their life they would be willing to save in, and then evaluate whether that would be enough to save the amount that they want to save.

I think of it as, a penny earned on something that I rather not spend money on (car, socks, or cell phone) is a penny I can spend on something I want (vacation, diner out, or clothes).

I pick pennies up. Why? Gratitude to the universe for abundance. It is the environmental thing to do in keeping my local environment clean. Because every little bit helps.

saving is good, but without earning, you won't be able to saving any money.

To me, a penny saved is worth the price until I exhaust myself saving a penny. Then, somehow, it costs me a dime to get revived.

I think picking up pennies is more of an obsession for me... I have a *really* hard time not doing it, and will only pass them up if I'm in danger of being run over by doing so. (I probably missed out on more than a few dollars in high school this way, but I would have been trampled.)

I keep all of my nickels, dimes and quarters in one bank, and I have a huge plastic jug from some old apple juice to house all of my pennies... The ~1 gallon jug is probably around 80% full, ALL pennies. I'm dreading the day I have to go to a bank and give them all up... I'm somehow attached to the money nobody else wants. I relate somehow, I guess? I dunno, but I love my pennies.

Change definitely matters. Look at Bank Of America and their keep the change advertising campaign. Would they spend all that money to advertise something that would not make a difference for their bottom line?

I usually pick up change if I see it, someone else would if I don't. On occasion, if there is too much foot traffic or it is inconvenient in other ways, I would avoid it.

May we all "change" for the better :)

The big ticket savings steps are definitely more exciting and dramatic, but there are only so many you can do, whereas with penny-pinching techniques you can usually find another one to add to the list if you want to increase the effect.

Large one-off actions like selling a car etc can also have the downside of being treated (and acting) like a windfall income, rather than regular savings, as in they only last so long, and you often get most or all the money saved as a lump sum, which takes discipline to handle correctly. They also usually have a much greater effect on day-to-day life, making them harder.

The slowly but surely approach has always appealed to me - as a child I used to enjoy watching containers fill up with rain a drop at a time - I think personality has a lot to do with it.

I'm in the middle. I do a lot of the small things and many of the big things but I also do spend on some less practical things.
I pick up change I see lying on the ground. I clip coupons. I drink water at restaurants. I shop sales. I did a lot of research before buying my car and won't make major purchases without more research than most people thing is possible.
But I also buy books (at the used book store) rather than using the library, subscribe to a few comic books and enjoy ice cream and cookies bought from those horribly overpriced stores at the mall. They're little indulgences that I enjoy on occasion (well, roughly monthly with the comic books). I could save that money, but the joy that the "frivolous stuff" brings me is worth it to me.

I definitely believe in that. I don't go crazy trying to pick up pennies or save tiny bits of cash, but it does make enough of a difference - it's that "get rich slowly" mentality.

I think big ticket purchases deserve a level of due diligence in terms of research, comparison shopping, questioning whether it's a real need, etc. A lot of money can be saved there and these purchases tend to stay with you so you want to do your homework. It's important to be mindful when it comes to small items, too, e.g. calculating and comparing unit prices in the grocery store (which also keeps your brain sharp!), but too much of it wastes time. Everyone is different, but I am one of those people who gets very stressed out when I'm late for an appointment or if I feel like I've been running at 100% all day. I need personal time. Spending a few extra bucks on a toll road so that I can get where I'm going faster, or paying for a convenient gym membership near work, or any number of small things that make my quality of life better are worth it for me.

Found change I pick-up (even broken pennies) and donate to a local animal shelter. I walk a lot and am amazed at what I find.

Money saved on small items (e.g. I drink soda--diet caffinefree soda-- and buy the store brand instead of a name brand or about 77 cents per 2 liters vs 1.49) is accumulated and when enough is collected (25 dollars), it is put into a DRIP stock.

The trick with the small amounts of money saved is to make sure that the small savings are noted, summed, and then actually put to a desired use.

(If this post wins the random draw, please donate any prize value to the Prison Book Program or any prison library.)

This question makes me remember the human nature. Some people would spend so much time collecting pennies from the ground, and looking down, and stop living life because they want to find the small coins, while, they miss the sky, they miss the moment.

It is true, pennies can be a simbol of small things that happen, and the small things, at the end can count for a big thing... But, I do not know for sure...

Let´s say that people trow away coins in the fountains... If someone would not clean the fountains, then, the fountains and their beauty would be lost... It´s kind of like the same concept.

So, I would rather say that, a penny that is placed in a specific location, and attracts many other pennies to the same exact location (say a fountain, a wallet, a jar...) would come out as a big amount later on (which can still steal beauty at the moment/place)... But, if you have to spend TIME looking around, at the floor or a messy place, then, no matter how much is the nominal value of the coin (unless it´s made of gold and silver and diamonds and it is big) then, YOU ACTUALLY LOST TIME, AND THAT IS A EXTREMELY BIG LOST, WHICH, YOU MAY NEVER, NEVER, EVER RECOVER FROM.

Saving is a mindset. Saving change and skipping lattes starts you on the right path. In and of themselves they're not going to be too helpful, but if you start small and see success it leads you to save more, cut out more excess and ultimately you'll see a much larger payout.

I pick up pennies, unless they're nasty. But I don't do it to "save" more. I do think that my expenses are due to eating out/latte factor. SO, every little bit helps.

The idea of a penny saved is a penny earned can be seen in two ways. On the one hand is the penny pincher, who would never go out to have a cup of coffee with a friend. There are times when I fall into that camp, but it's never very fun or comfortable. (Right now I'm fuming over the cost of Cub Scout Uniforms. A friend's sister sent her son's old uniform, but it's the tan Boy Scout one, not the blue Cub Scout one they're supposed to have. I keep telling my son that the uniform doesn't matter . . .) I like to see picking up pennies on the street as symbolic of letting money flow into my life. If you're dying of thirst, even a slow drip of water is a welcome relief. When we feel we have plenty, should we ignore the small flows? I don't think so. I pick up pennies on the street, and I use a price book for grocery shopping. I don't, however, obsess over saving every little cent on a purchase. Generally, I just try to be happy with what I have.

I save on both the little and big things you mentioned in the post. For example, I bought my truck used for cash....thus, I spent $7000 on a truck instead of $30000+ (for a new vehicle) and paying in cash, I didn't take out a loan (and pay interest).

On the small things, I try to save by waiting for sales or making them myself (for example: I brown bag my lunch everyday).

I'll pick up a penny on the ground too, as long as it isn't really dirty. I put all the change I acquire during the year (found money, change from cash transactions, etc) in a jar and take it out at Christmas. I usually have an extra $30-$50 to put towards gifts or a nice dinner with my girlfriend.

Sure it is. That's why I started using a 30-day list for purchases I want to make. Surprisingly, many of the products were not treats, but reusable items that would save me money in the long run (nice lace hankies, a tiffin tin for lunch, etc.)

I penny saved is a penny earned. You earned that penny in the first place. Why shoud you let go of it frivolousy?

Watch the pennies and the dollars will follow.

The reason some people don't is that the benefits are stretched over such a long period of time that the immediate effects seem very small. If you only buy one or two things at the grocery store, you don't really see much difference in saving a $.50 or a dollar or so by buying the store brand instead of name brand. But if you make a gigantic grocery run, you'll see the savings then. Same with the latte factor. Saving $3 or $4 a day doesn't seem like much. It's like someone giving you $3 every day. If you instead look at it like someone giving you back $100 every month, or $1200 every year, it's a lot easier to see the benefit. Every little bit helps. I donate plasma twice a week, for $15-20 each time. It might not seem like a lot for an hour and a half of my time, especially after work when I'm eager to get home, but at the end of the month it's a welcome bonus. And I always pick up pennies.

I do both - I pick up any money I see lying on the ground, and at the same time I question every large purchase we even consider. Doesn't mean I don't make mistakes and regret purchases, but at least stopping and thinking about it first (can this be fixed or done without instead?) gives us a chance to save more.

It may take a while, but I save any coins I find or get back from purchases in a jar then take them to my bank, the bank has a free coin counting machine that makes it super easy to convert that annoying coin into green bills.

Not sure what other banks have these machines but Metro Bank does: http://www.MyMetroBank.com

I always pick up pennies I see laying around. I have a piggy bank still, and I love putting coins I've found during the day in it, although I still don't know where I can go to get it deposited.

I always pick up pennies! I think everything adds up and definitely consider small purchases important.

(Oops. I forgot that I cleared my cookies recently.)

If I see silver or green on the ground, then I'll bend over to pick it up, but not copper any more. Inflation doesn't make that one worth my time (and germs) any more.

As far as saving goes, I absolutely agree that saving money is as good as earning money.

I'm amazed by people who will turn their noses up at using coupons, yet they would love to get a 5-10% pay raise from their jobs. Ha! With a little planning and paying attention, I DO get the "raise".

I do believe in the Latte Factor. I think a lot of people, myself included, end up wondering at the end of the month "where did all my money go!?" When you've spent all your money and feel as though you have nothing to show for it (like a new piece of furniture or a house or something), it's probably because you nickel and dimed yourself on things like coffee, a Coke while you're waiting for your car to fill at the gas station, a magazine while you're waiting for your train, etc. These $1 add up surprisingly quickly. And while it doesn't necessarily make or break a person, it is part of the larger scheme of how people think about their money and their spending. People who see a measly penny as IMPORTANT and SIGNIFICANT, those are likely the people who aren't having to borrow money from friends and family at the end of the month.

That said, saving is a very individual thing that only works when you do what you can and what is suited to your personality. Some people would rather spend the money for a daily latte or whatever and cut back elsewhere. Some like big ticket items and would rather eat ramen a few times a week to afford them. You just have to come up with the right balance for YOU. And I do pick up every penny (or larger!) that I find on the ground. Last year I found over $250!

I've heard all my life that my (frugal) grandfather often told my (spendthrift) grandmother that she could "throw more money out of the kitchen window with a tablespoon than he could throw in through the front door with a seed shovel."

For some reason, that has stuck with me. It has been my experience that if I watch the pennies, nickels and dimes, the dollars tend to take care of themself.

I do pick up pennies and I do think the latte thing could produce results, but if you skipping a monthly coffee "treat" or some such thing just to save a few dollars I think that is going too far. You need to pay down debt, but also enjoy life while you're here.

sure! why not? As long as it isn't lying in the path of an oncoming vehicle! I pick up pennies or any other denomination (alas, I only seem to come across pennies). I know I'm not going to get rich doing so, but it's still $

A penny (or any small amount of money) saved is a penny earned under three conditions.

#1. If the time spent saving the penny is not worth more than the penny &

#2. If you are disciplined enough to SAVE that penny and invest it over time!

#3. If the penny saved is ACTUALLY A PENNY SAVED! Saving money on something you DON'T need or saving money on an inflated price (stores love to get you on this one) doesn't count.

Number 2 is where most people fail. They save and re-spend.

don't waste too much time on saving money, earning is much more important. not saying to be a spendthrift, why not spend your savings on investment.[img]http://www.photosnag.com/img/4713/n09x0302vnsn/clear.gif[/img]

Yes. I pick up pennies and I spend them, too.

I did have a latte factor. I was going out after work every week or two and when I went back and totaled up how much I had spent in three months I realized that it would have been enough to buy my daughter new dance shoes for all three of her dance classes.

The small things do add up and are just as important as saving on the big stuff.

A penny saved is a penny earned. I pick up pennies all the time and add them to my coin jar, periodically when I cash out with coinstar for a giftcard, it can add up 40, 50 dollars. Thats enough to knock out a big chunk of my textbook costs as a college student.

OLD AGE HOME SIGN on a HUGE penny jug

10 pennies make a dime
ten dimes make a dollar

They used the $ to buy gifts to donate to the needy

Thinking about small amounts of money (perhaps not quite pennies, though) is an important mental exercise. It is a matter of developing a frugal mindset. Like the saying, "Take care of the pennies and the dollars will take care of themselves."

There are two kinds of savers:

1) Those who take control of their money because it's a path to a better life. They look at expenditures as choices between a and b and decide which will make them and their family happier in the long run. They use money as a way to improve their relationships and their lives.

2) Those who are controlled by their money. They fixate on their savings because it gives them a scapegoat when they choose to ignore their relationships. Sometimes they have money because it's easier; sometimes they spend for the same reason. They don't use money to improve their lives but to excuse their lives.

Picking up pennies, choosing the cheaper food, and choosing cloth over paper towels are actions that well fit either group. But making those choices with love vs fear is a hallmark of the type of saver one is.

Chris, the tax rate varies on how much money you make. A lot of people are not taxed at 33% and those who are have enough money that a penny really won't make a difference.

At 23, I'm focused on making more money. Of course I pay attention to my spending, but my long-term career plans are important and I'll spend the time and money I need to make sure I can get where I want to go. I have no problem investing in myself :)

If you work enough, you'll hardly even have time to spend your money foolishly. Though I hardly recommend that path for everyone ;)