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

[cicy33]

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

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]

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

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]

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

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]

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

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]

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

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]

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

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]

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

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]

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

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]

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

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

[Bookie]

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

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

Losing money making money. Only in America.

[Ima saver]

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

I count my coins and add them up. Both times I have used the bank's coin counters and they never agree with my totals. Strangely, I find my total is higher than the bank's total, so they are making money.

[Hedy]

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

Interesting. I'll have to start asking around for places in my area that have free coin counters.

[morningstar]

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

Just getting around to reading everything on the site. This is a good lesson. Besides that, depending on the size of your container, there could be a lot of money not earning interest in a bank account. That said, I'll start turning in my coins a lot sooner instead of waiting until the jar is full.

[sparkysgirl]

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

I just dropped our money from the jar off today as a matter of fact!! 40 bucks more in our money market!

[Ima saver]

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

I use to wait until the jar was full. Now I turn in the coins in the $20-30 range. Since I have been doing smaller amounts, the counter at the bank agrees with me each time.