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Woman saves hundreds of pounds in a year using this simple daily trick

December 23, 2019, 12:00 PM
  • Erin O’Meara, 27, saved £386 by putting a £2 coin in a tin every day
  • Erin says the adrenaline of saving is addictive
  • Erin provides tips for how to do the same

For those of us on a budget, it can seem impossible to make a start on saving, let alone to save hundreds or even thousands of pounds towards a goal like a holiday, a car or a new house.

However, one woman has shown that it really is possible to build up a big bank of savings using a simple daily trick: putting a £2 coin in a jar.

Erin O’Meara, 27, a sales executive from Frimley, is saving for a house deposit and has already saved £386 in a year by stocking up on the coins.

Erin told money-saving community LatestDeals.co.uk: "I came up with the idea as I saw my Dad doing the same thing when I was little. He always used to ask me to check my change to see whether I had any £2 coins and I could never work out why he would want them.

“It was only when I asked him for some saving tips that he told me that on January 1st, he gets a tin and fills it up throughout the year (with only £2 coins) and empties it the middle of December.”

Erin soon took on the challenge herself, as she was keen to not only save for buying a home and for travelling, but also to open up her own fabric store, Sip and Sew Fabrics, and was shocked at how much she’d saved in a year.

"When I opened the tin, I was amazed!” she revealed. "It took a lot of willpower to not open it up and spend it on my lunches or petrol, but all I was thinking was about having my own home.

"I'd say the main challenge is to find the £2 coins. Also knowing that there is money somewhere in your house... but you can't get to it as you need a can opener!”

Erin already has plans to increase the amount in the new year. She added: “Next year, I'm going to double the size of the tin and collect both £2 and £1 coins and see how I get on.

“To anyone looking to save and try this out, I would recommend a small tin to start with and collect just pounds.

"Once you have filled it up and opened it, put it straight into your savings and then try £2 coins! When you realise how much you have saved the motivation to get more is a real adrenaline rush.”

Tom Church, co-founder of LatestDeals.co.uk, says: “Changing daily habits and adding in one positive routine, such as adding a £2 coin to a tin, can make such a huge difference not only to our bank accounts but also to the very relationship we have with money and savings. I think Erin’s very practical and actionable advice makes saving a lot easier and spending a lot less tempting."

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HopeThisHelpsa year ago

If she put £2 in a tin everyday she would have £700 not £386

bexgow13a year ago

I've been doing this everytime I get a £2 coin. Hasn't been daily but I've saved just over £300 in a year

KeithHunt719a year ago

And how much paper money does she have use to get that amount of £2 coins in change.

racheyb007a year ago

Everyone does this and this is why nobody can find £2 coins anymore

tarakatea year ago

Hardly groundbreaking.

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