Happy Birthday, President Lincoln. To celebrate, stores have decided to stop accepting the penny.
That’s right, in West Concord, Massachusetts, a number of stores are refusing to accept pennies as of today, calling pennies “wasteful and time consuming.” Instead, they will round all purchases down to the nearest nickel.
I suppose no one can really complain – after all, they will simply be getting a few cents off of their purchase. Buy a cupcake that costs $2.74? No pennies allowed, so that cupcake now costs $2.70. It just seems a bit harsh to put the new rule into effect on Lincoln’s birthday of all days, especially this year, which seems to be the Year of Lincoln.
I can’t say I spend pennies all that often. They do end up in my wallet, and if I have exact change, I try to use it, but every few days, I dump the majority of my change into my change jar. I like filling up a change jar. Getting rid of the penny would make that a bigger challenge, that’s for sure.
We’ve gotten rid of coins before. Years and years ago, the U.S. minted a half-cent piece. It looks like we might be getting closer to putting the penny out to pasture as well.
Megan is a 30-something government employee in the Washington, DC area. She got interested in Personal Finance when she got out of college and realized that her paycheck wasn’t going to go as far as she had hoped. Since starting this blog, she has managed to buy a house and make a solid start on her retirement goals, and hopes to help others do the same. Here is her story:
In 2007, I was a gainfully employed 20-something with no debt but not a lot of knowledge about personal finance. It was a co-worker’s comment about Roth IRAs that sent me to the internet, searching for information. It was then that I realized that I really didn’t know a whole lot about personal finance and that my current financial situation was due a lot to inherent frugal tendencies, generous family members, a fear of debt, and good luck. While that was working for me, clearly I needed a better plan.
While I had no debt, I was also pretty much living paycheck to paycheck and not worrying about going over budget (I say this as if I had a real budget) because I had an emergency fund set aside to cover any overages.
Except that’s not what an emergency fund is for.
So I did a lot of research, read a lot of blogs, and decided that I needed a plan. I needed to budget. I needed to know what I was spending my money on. I needed to prepare for the future.
I decided to create a blog not only to make myself accountable to others but also to share the knowledge that I gained along the way. I’ve learned so much from my fellow bloggers, and I hope that my readers can find something useful in what I have to share as well.