The Money Jar Trap - Why Many Lose Money With A Coin Jar

[laceshawl]

I collect change, but I couldn't stand the thought of losing out on interest. I take it to the bank whenever I have $10. That way it doesn't take too long to count.

[Ima saver]

Never thought of that, but on a hundred dollars sitting for 30 days in change, that is only about 12 cents at my bank. I don't like to make real small deposits.

[CJsoccerchic]

Money sitting around for any amount of time instead of getting interest at the bank just kills me - i must be weird.

[Firefly]

We don't have a money jar. It is easier for me to just use the change exactly and have the dollars leftover. The dollar bills we sometimes put into a jar at the end of the day.

[spendless]

I like your idea about buying postage stamps:...another way to change the coins is to take them to your local post office and use them to buy stamps out of the vending machines there. By switching the coins for stamps, you get 100% value for your coins.

[Russell]

I think we're missing the big picture here. To me time is money, technology exists to save us time and frustration, sure it costs money but is it really all that much ?

If I have to spend 2 hours to count my 20lbs jar worth of coins to save $10 at Coinstar, then go out of the way to the bank to first buy the coin rolls and then to deposit them its just not worth it to me. Last time I took my jar to Coinstar I ended up picking up an Amazon gift certificate for the full face value. While I'd prefer cash but I also buy stuff from Amazon.com, Lowes/HD all the time so works out.

Even if I get cash and say I make two trips to coinstar per yr that's $20 (on my $200 worth of coins)...if I feel like making up for it I'll just eat one less pizza during the year and make up for the lost $20

[Tightwad Kitty]

Counting charge for me is not a problem as I never have a lot of charge in the first place, it's always under $20 each month. When each bag is to it required amount and I have more than $20 bagged up then I cash it that week-end.

[cicy33]

Originally Posted by CJsoccerchic

Money sitting around for any amount of time instead of getting interest at the bank just kills me - i must be weird.

It would me too if the interest rate was worth anything! by the time you pay the taxes on the interest income it is a wash.

[lillyb]

I just rolled coins last night. I use those plastic coin counters, the kind that stacks them up and if it's over a certain line they fall out a slit so it's always the right amount, it kinda looks like a funnel. Bought it from Wal-Mart about 5 years ago for I think $10, paper rollers included. When the straight part of the funnel is full of coins you slide the paper roller around the coins, invert, slide out of the funnel and fold the flaps in. Voila'.

Rolled $34 last night while watching a movie. Will take it to the bank today, who's never charged me for cashing them in, and will deposit them. Will then transfer over to my ING savings account that's earning 4.5%.

I do this about once every two months. Works for me, I'm not fond of lugging around a ton of change, makes the purse too heavy. So at the end of the day I throw the coins into my jar. It gets close to full about every two months, so I just roll them myself while I happen to be watching tv.

[arg1211]

I still save my coins. One, there is absolutely NOTHING stopping me from counting the coins and rolling them myself. I mean, really. Is it that big of a hassle? Not for me. Even if I have to write my account number on them to deposit the rolls in the bank or one of my credit unions, its better than wasting the money on a Coinstar machine. Been there, done that, NEVER doing it again.

Two, one of my two credit unions counts the coins for me when I bring them to the counter. In fact, they won't take coin rolls anymore. (To easy to get ripped off that way, I suppose.) All I have to do is take my coin jar up to the counter and they do the work for me at no cost. Its really that simple.

Before that, I used to take a dollar's worth of change with me every time I went to the grocery store and asked the clerk for an actual dollar bill in exchange. Took longer to change all my coins into cash that way, but at least it didn't cost me anything.

[cicy33]

my bank gives me the rollers for free and I use those free address labels that come in the mail. I just stick them on there. Or you can print them on your computer to a sheet of them. I rolled over 600 in change this year. first time was about 350 and second time was about 250. took time but was worth it! biggest reason I won't use the coin place is frankly the money is heavy enough just to take to the bank!!

[abowers]

I saw the other day you can now have free coin-counting at Coinstar if you cash it in in the form of an Amazon.com gift card, Linens N Things, Starbucks, Borders, etc. gift cards. Which isn't a bad idea. You can find lots of things on Amazon and shipping is usually free if you spend X dollars or if you have a code. You could get an Amazon gift card and hang on to it for Christmas/Birthday shopping.

[kyttikate]

I think having to pay a fee to bring in your coins is ridiculous. The banks should see it as part of running the business. Next are they going to start charging when you bring in cash?? That is just part of being a bank IMO.

[Broken Arrow]

I am so anal about change that there is a running joke with people that know me in real life. Whenever they find a penny lying around, they would say, "Quick! Hide it from him!"

I take all the change I find, and stuff it into my wallet that has a zippered pouch. I will usually find a way to use it somehow, especially when buying groceries.

[poundwise]

Originally Posted by kyttikate

Next are they going to start charging when you bring in cash??

In a way, they already do this. Most banks currently offer less than 0.5% interest on basic savings accounts while charging a fee if you don't maintain a certain balance. I think that's absurd.

[poundwise]

Originally Posted by Broken Arrow

I am so anal about change... I take all the change I find, and stuff it into my wallet that has a zippered pouch. I will usually find a way to use it somehow, especially when buying groceries.

I walk through parking lots with my head down, scanning for change. In June, I have found $3.56. To be fair, I found 2 wadded up one-dollar bills as a part of that, but hey... I found it, so I count it.

[abowers]

They want to get rid of the penny, because it costs more to make the penny than it's worth (1.23 cents).

It would bug me when buying something to round up to the nearest nickel, to know that I really should have paid 2 or 3 cents less. Even though it's only a couple cents.

[poundwise]

Originally Posted by abowers

They want to get rid of the penny, because it costs more to make the penny than it's worth (1.23 cents).

I really don't care one way or the other about this, but it does bring a question to my mind. Why don't they just make the penny out of cheaper material? Maybe recycled? Or why not smaller? A dime is smaller than a penny. Other countries have coins smaller than our dime.

By the way, I heard that the push was to get rid of the penny and the nickel, so that means rounding up the nearest tenth.

[abowers]

Yeah! - I have heard they are losing money on the nickel too.

[Bookie]

Originally Posted by abowers

Yeah! - I have heard they are losing money on the nickel too.

Losing money making money. Only in America.