Quit Wasting Your Time Saving Change!!

[JOEYDIS]

I know it's almost a tradition: the big jar, bottle, piggy bank, whatever that you toss your spare change in. When it's full the typical saver takes it to the local supermarket where they dump it down a hopper, get a slip of paper and trade it in for some cash. It seems those change machines are popping up everywhere nowadays, and for good reason. They make 20 to 25 cents on every dollar collected, a nice tidy profit for whoever owns the machine but a lousy deal for you. There is a better way. It takes discipline but you can save just as much and keep it all for yourself. Get rid of that change!!

Every chance you get, pay for purchases in change. Every chance you get, swap pennies for nickels, nickles for quarters, quarters for dollar bills. When you get a dollar bill, throw that in the jar. Dump all of your change, save all of your dollars. Why? Nobody will refuse paper money. You don't have to roll it up, don't need a sorter and, best of all, you don't have to pay a commission to get rid of it. 100% of the money is for you.

So, start dumping your change in ways that give you 100% of your money back. Carry around a change purse and don't be shy about paying exact change for purchases. If you go to a yard sale or a small business ask them if they need a few dollars worth of change, many times they are grateful to have it. You have a purchase that costs $8, give them a $5, $5 in change and ask for 2 dollar bills back. Keep track of what you take out and swap it dollar for dollar until your change is gone but don't forget to replace it.

Once you are rid of your extra change (or if you want to start from zero) put your change in the jar until you have a dollar or two, then swap it out. Once you get in the habit you will find that it's as easy as saving pennies, just with all of the pennies for you

If your bank does it for free then it is still a good idea. Mine does and you don't have to roll it. They have a machine like the grocery stores do that charge a fee

 

[kaytieeldr]

They make 20 to 25 cents on every dollar collected

Dang. This recession stinks. Just last year, the machines 'cost' about 8.9% or 9.5% of your total coins. At 20% to 25%, that FAR exceeds any possible rate of inflation (yeah, I know - we're in a deflationary period). That's ridiculous.

You have a purchase that costs $8, give them a $5, $5 in change and ask for 2 dollar bills back.

Please don't. Most yardsale holders are extremely well-prepared. Please don't make them count out your change. Yes, any reasonable person would be compelled to do that. Besides, they probably need their singles just as much as they need your change, if not more.

 

[eyor44]

Part of my trip preparation is emptying the pig a week before and rolling all the coins. Last time I was suprised to see dollar bills in there. DD6 had added those as a surprise for me. She likes sorting the coins and is learning to add money by helping me.

 

[NYCDiane]

You are free to do whatever you want. The advice is for people who aren't so enlightened. Coinstar wouldn't be in business if people didn't diasgree

I guess there are still some fools who will pay Coinstar for counting their coins instead of going up the block and having them counted for free at a local bank.

 

[CajunDixie]

I know it's almost a tradition: the big jar, bottle, piggy bank, whatever that you toss your spare change in. When it's full the typical saver takes it to the local supermarket where they dump it down a hopper, get a slip of paper and trade it in for some cash. It seems those change machines are popping up everywhere nowadays, and for good reason. They make 20 to 25 cents on every dollar collected, a nice tidy profit for whoever owns the machine but a lousy deal for you. There is a better way. It takes discipline but you can save just as much and keep it all for yourself. Get rid of that change!!

Typical savers do this? Around here the people that use the machines don't have bank accounts. They are the people that cash their checks at the grocery or WalMart. It costs nothing to have our bank count it for us. Not to mention the machines don't charge if you're getting giftcards.

Every chance you get, pay for purchases in change. Every chance you get, swap pennies for nickels, nickles for quarters, quarters for dollar bills. When you get a dollar bill, throw that in the jar. Dump all of your change, save all of your dollars. Why? Nobody will refuse paper money. You don't have to roll it up, don't need a sorter and, best of all, you don't have to pay a commission to get rid of it. 100% of the money is for you.

I have no desire to carry around a purse that weighs a ton. I hate using a purse so change goes in my pocket then tossed in a bag in my car or in the consule of my car. There's nothing like standing in a long line then taking 3 extra minutes counting out exact change.


So, start dumping your change in ways that give you 100% of your money back. Carry around a change purse and don't be shy about paying exact change for purchases. If you go to a yard sale or a small business ask them if they need a few dollars worth of change, many times they are grateful to have it. You have a purchase that costs $8, give them a $5, $5 in change and ask for 2 dollar bills back. Keep track of what you take out and swap it dollar for dollar until your change is gone but don't forget to replace it.

If I'm running a garage sale then that's what I'm doing; not running a banking service. Ughhh last thing I want at a garage sale is someone doing something hinky.


Once you are rid of your extra change (or if you want to start from zero) put your change in the jar until you have a dollar or two, then swap it out. Once you get in the habit you will find that it's as easy as saving pennies, just with all of the pennies for you

All of my pennies are mine, as are all my nickels, quarter, dimes and dollars. Although I must say if I did as you suggest I'd have plenty of one dollar bills in case they ever brought the Thunder From Down Under back to the strip club in town.

 

[Inigo]

The kids (18 and 22) and I love coinstar. We trade in our coins for Borders Bookstore gift cards, and don't have to pay the fee. We'd spend money at Borders anyway, so this gets our coins counted and gets us books...a win-win situation for us.

I've done this for several years, and have given the Borders cards to the kids as part of their christmas presents. Now that they're older, they save their own change for the cards too.

You can also get Amazon.com, Cabela's, CVS, Eddie Bauer, Itunes, JCPenney's, Lowes, Old Navy, Overstock.com, Rixty, and Starbucks cards in exchange for your change without having to pay the fee.

DH likes to carry a pocket full of change. I've had to replace the pockets on his jeans and trousers several times because the change tends to wear holes in the pockets. They sell replacement pockets at Joanne Fabrics. It would be more economical to save the change for gift cards and not to have to replace the pockets.

 

[Inigo]

I guess there are still some fools who will pay Coinstar for counting their coins instead of going up the block and having them counted for free at a local bank.

Rude.

 

[disneychrista]

I know it's almost a tradition: the big jar, bottle, piggy bank, whatever that you toss your spare change in. When it's full the typical saver takes it to the local supermarket where they dump it down a hopper, get a slip of paper and trade it in for some cash. It seems those change machines are popping up everywhere nowadays, and for good reason. They make 20 to 25 cents on every dollar collected

Dang. This recession stinks. Just last year, the machines 'cost' about 8.9% or 9.5% of your total coins. .

It still is 8.9% not 25%. Coinstar.com
I use coinstar to trade my change for Starbucks Giftcards. I don't loose a cent. They have many other free options.

 

[Purseval]

I guess there are still some fools who will pay Coinstar for counting their coins instead of going up the block and having them counted for free at a local bank.

Maybe they don't know any better, ever think of that? That's what the budget board is supposed to be for, to pass along tips instead of putting people down.

 

[Purseval]

Hmmmmm, we lose NOTHING at all by saving change and we also throw paper money in the bank as well.

Actually that's another good way to save money. Take any dollar bills you have at the end of the day and throw them in the jar. That's what we do.

 

[P.I. Squirrel]

I guess there are still some fools who will pay Coinstar for counting their coins instead of going up the block and having them counted for free at a local bank.

As I do all my banking electronically, so I never visit the branch, the cost in gas to make a special trip to the bank (15 miles away, not just 'up the block') would cost me about $5 in gas. For the average $50 I change at a Coinstar, I spend (at 8.5%) about $4.25 (or, as Inigo said, $0 if you exchange your coins for a gift card). And, I don't make a special trip, I do it when I already buy groceries.

So, who is the fool?

 

[disneychrista]

I guess there are still some fools who will pay Coinstar for counting their coins instead of going up the block and having them counted for free at a local bank.

Not everyones bankd counts coins for free.

 

[mzlee]

Saving my coins in a water jug and then taking them into my credit union where they don't charge any fees works for me. I just cashed in two jugs today that I've been saving for the past 5 months and ended up with $523 for my upcoming trip. Everything is all paid for so this is all spending money for me. My DH was so surprised that I had that much change that he has started one for himself. Of course now he says I can no longer take his change.

 

[cglaura]

Not everyones bankd counts coins for free.

You should check some of your local banks. All of ours around here do it for your free, whether you have an account with them or not. They look at as a thing to bring in potential customers, maybe you'll open something while your in there. At least I get asked every time No thanks, not today.

 

[bigbabyblues]

I don't need to do any of that. My bank provides a change counter as a FREE service.

easy peasy lemon squeezy

No work for me!

Us too.

 

[hhartill]

while many times I do use coins so that I can pay the exact amount, I don't completely agree w/ the concept. Our credit union has a coin counter and it is completely free. So not everyone is paying $$ to 'change' their change into paper money. but I do agree, if you're using coinstar and paying a fee, you would be better to use your change so that you are getting use of every penny. just my .02.

Same here, free to do change at my bank, I don't disagree with saving dollar bills, I just tuck 'em right in with the coins. My kids save coins as their spending cash for Disney. The usually have 350-400 for the simple effort of dumping coins in my bear and then taking it to the bank the day before vacation.

 

[Veronica Lodge]

The kids (18 and 22) and I love coinstar. We trade in our coins for Borders Bookstore gift cards, and don't have to pay the fee. We'd spend money at Borders anyway, so this gets our coins counted and gets us books...a win-win situation for us.

I've done this for several years, and have given the Borders cards to the kids as part of their christmas presents. Now that they're older, they save their own change for the cards too.

You can also get Amazon.com, Cabela's, CVS, Eddie Bauer, Itunes, JCPenney's, Lowes, Old Navy, Overstock.com, Rixty, and Starbucks cards in exchange for your change without having to pay the fee.

DH likes to carry a pocket full of change. I've had to replace the pockets on his jeans and trousers several times because the change tends to wear holes in the pockets. They sell replacement pockets at Joanne Fabrics. It would be more economical to save the change for gift cards and not to have to replace the pockets.

I was going to say this. If you use Coinstar and opt for a gift card, you do not pay the fee. I can always use a Starbucks card, so I never have to pay the 9% fee to change money.

 

[bartleby1]

Honestly, I really don't see the big deal about wrapping/rolling the coins. I don't trust the machines. My mom took a bunch of change to her bank who does it free but she counted it first so she knew how much she had. (She didn't trust the machine either so she was doing a test). She had somewhere in the range of $50 but the machine counted up over $1 short.

So, we just sit down as a family during the evening and count and roll our coins. It is a fantastic learning experience for the kids.

 

[eolian]

Every year when coinstar does their free $10 gift card promotion I bring in my coins and get an amazon gift card. We live far away from our families and so I order all of my holiday presents from amazon with my gift cards.

 

[wdwfan16]

I know it's almost a tradition: the big jar, bottle, piggy bank, whatever that you toss your spare change in. When it's full the typical saver takes it to the local supermarket where they dump it down a hopper, get a slip of paper and trade it in for some cash. It seems those change machines are popping up everywhere nowadays, and for good reason. They make 20 to 25 cents on every dollar collected, a nice tidy profit for whoever owns the machine but a lousy deal for you. There is a better way. It takes discipline but you can save just as much and keep it all for yourself. Get rid of that change!!

I go to our bank's coin counter and we got ALL the money.