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

[Russell]

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

Does anybody think it is worthwhile to get one of those coin counter things that you can but at a wal-mart or k-mart?

I've been thinking about it myself but I guess it depends on how much money you'll spend on the coin sorter vs. coinstar and how long will it take to recoup the cost of the coin sorter. For example if you have a $100 in change Coinstar will charge $10 vs. $30 (or $40 ?) for the coin sorter.

[ChillPhatCat]

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

For the banker, I see some of your points. However, coins are going to come into a bank or credit union no matter what so they already have to have the coin counting machine.

I agree about the time thing, that's not much different than other transactions like people bringing in wads of money. However the coin counting machine whether it's a necessity or not still does not pay for itself and I don't think that every customer at the bank should have to cover that cost because of the small number of customers that bring in coins. It reminds me of when I worked at a convenience store/gas station and people would bring in a bag full of pennies to pay for their gas claiming that I had to accept it because it was valid currency... we made them count it out on the side counter, it wasn't our job to count their money and you certainly don't want to trust someone that they already counted it.

[Tightwad Kitty]

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

Here in Australia we don’t have any coins under 5c so we no longer have copper coins to worry about! You just around up or down to nearest 5c on the total of the bill.

I do save all my coins under $1 as we have $1 & $2 coins and our notes start at $5 here.

As an ex-sales clerk, I can count change without any worry. I just get the bags from any bank, and then I count my change once a month and when I have a few full bags. I take it to the local fruit shop or take-away store as the banks charge these businesses $5 to buy money in change. I put the money into my wallet and then go online and transfer that amount from everyday account into my saving account. It’s a win, win for store, and myself, as I have to pay bus fare to go the bank anyway!

[Ima saver]

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

I bought a coin counting machine last year, battery operated. When I took my first batch of rolled coins to the bank, they told me they would have to unroll the coins to put in that coin machine. There is no charge for this. so, i wasted my money on a $25 coin counter. Anyone want to buy one, cheap?

[CJsoccerchic]

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

hee hee... Sorry to hear that was a waste of money... I've never heard of them not taking your word for it, they usually ask me to put my name and account number on the coin roolls so if I am short a coin or two, they take it out of my account..

[laceshawl]

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

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]

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

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]

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

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

[Firefly]

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

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]

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

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]

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

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]

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

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]

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

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]

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

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]

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

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.