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

[KarenSue]

I have a bank - the Uncle Sam Register bank - that locks when you put the first .25 in, and automatically unlocks when you get to $10.00. It can hold up to $50 worth of change at any one time. I love my little bank because my money is safe from the kids needing lunch money, my husband needing vending machine money, and even from myself! There's a slot in the back for folding money and I often stuff extra bills in there when I have them.

I take the change to TCF bank. They have a coin counter in the lobby that's free for account holders. I use the money in several different ways;

Yard sales. I empty the bank in the summer months and hit the local yard sales. I buy things for personal use, or buy things and re-sell them at the local consignment shops or E-Bay. That way all of the change I've taken the time to save is put to good use. Also, I can bargain better when I have exact change. I feel uncomfortable talking someone down from $5.00 to $3.00 on something, then whipping out a $20.

Pay towards a bill. I need to work on getting my financial house in order! Right now my lowest bill is Target. Sometimes I pay what I can out of our household budget and add the money from my bank. It's never a huge amount but every little bit...

Savings bonds. I need to get back to doing this! When I get $25 worth of change, I use that to purchase a $50 savings bond. The interest is minimal, but those savings bonds have bailed us out of more than one tight spot.

I've had this bank for several years now. It's metal and has a retro look, and accepts quarters, dimes, and nickels. You can put pennies and bills into the slot in the back. Mine is red and sits on top of my computer hutch.

[Ima saver]

I had a dime bank when I was a kid. It looked like a little silver cash register and would lock when you put in the first coin also.

[rob62521]

When I was a kid, the banks used to give out little paper booklets that looked like a pig that opened up and you could put the dimes in the slots. It would tell you how much you had under the slot if you did it in order. Simple, but effective!

[HelpMeFriend]

I want your useless coin counter. My children need it for learning about money. I think their teacher would love it.

[fruitbowlk]

I place change in a jar for my 1 year old. I'm teaching her how to save I thought. I thought it was one of the ways that I can save for my dd. I have use the coinstar machine because I am lazy but after reading all of these post I have e-mail my banks and asked them there policy and if they charge. I think I will continue to save for my dd this way. I like the fact that she will learn how to save. My plan was to save change in a piggy bank and at the end of the year go and have it place in her savings account. I thought this was a good idea. But I see others don't. I did it last year and it boosted up her savings account.

[checkthebudget]

Saving your pennies? Certainly your budget is not that tight? If you are like me, there is a homeless guy you see every day on the way too and from work. Save em up for a few days, and when there is enough for lunch just give them to the homeless guy. Yeah, he might spend it on something inappropriate, but that is not our responsibility. God will not care if we were swindled out of a few coins, but will care if we do not help the poor and starving.

[cantretire]

Well, I'm going to sound like a commercial, but I use Commerce Bank to save my change. They have a machine, free of charge. Then I just pop it into my savings account. When I get to about $800, I put $500 into a CD. I save about $70.00 a month this way, and I don't feel it at all!

I often put in 'found' money as well - money I saved from getting something on sale that I didn't expect, bills found in a coat from last year, etc. I've saved a surprising amount this way.

[normaldude]

Originally Posted by cantretire

Well, I'm going to sound like a commercial, but I use Commerce Bank to save my change. They have a machine, free of charge.

I also use Commerce Bank (commerceonline.com), and I can confirm that they do have free coin counting machines (free for everyone; you don't need an account at Commerce Bank). So for people in the NYC / Philadelphia / NJ region, it's a great option.