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]

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.

[topwaystosave]

I love using coinstar

I love how with coinstart there is no rolling involved and now that they have gift cards its great. Before that i wasn't going to pay 9 percent to have them roll it for me. The gift cards are much better.

I do agree too many people just have money sitting in giant jars. Might as well do something with it. Either roll it and deposit it so you can earn interest or cash them in at Coin star and get yourself something that you were gonna buy anyway. They have circuit city, I tunes, Jc penney etc... I'm sure something for everyone.

[Ima saver]

My bank does not charge anything. I save my coins in a jar and the first of the month, I take it to the bank. Then i add the paper money to my savings account and earn interest.

[Blessedmomof2]

We have a change jar, and so do both of our kids. Every few months when the jars are full, we roll the coins up, and add them to our kids savings account. Our bank does not charge us and gives us face value for the coins.

[Mamaw]

I do think that God cares if we don't help with the poor and starving but I think he does care if we contribute to their drink and smoking. I give at church once a month to World hunger. I give food to the food pantries.
The Director of the Rescue mission here in town says that there is food available 24 hous a day at their mission but people who stand with signs that says work for food are taking in $75.00 to $100.00 a day.

[Gailete]

My son used to be happy to count and roll my coins. He does it himself. Since I stopped working though, I rarely had cash in my purse and used a debit card for most purchases so rarely have change. When I get paid from an ebay transaction with a Money Order, I do cash it in for cash during the summer months and keep it in a change purse for yard sales--yesterday being a good example. I left with about $12+change and returned with about $2+change and loads of goodies. Two full bags of fabric for a $1 each with pieces large enough for garment sewing. A stack of books that are already listed on Amazon for a total of over $100, a free bunch of greeting cards, a depression glass plate worth about $20 (I'm keeping it because it is pretty). All for using basically a hand full of change. I'm especailly excited about the fabric as I know I have enough corduory to make 5-6 skirts, plus other fabric for tops or dresses. Who says it cost too much money to sew these days?

Gail

[Well Spent]

I keep my change in my car cup holder. I use quarters for coffee and tolls. I use other coins to buy things at the convenience store, pharmacy, etc. To me, it's the same as dollars. I don't understand why people collect change to then sepnd hours rolling and taking to the bank. And I don't see why you'd pay to use CoinStar. It's a scam.

[michellehell]

My children, ages 2 and 4, have saved all their change in their piggy banks. Any money they find on the sidewalk, their "potty" money during potty training, and the money they found at the Easter egg hunt. We spent a few hours sorting, counting, and rolling the coins. Then we went to K-mart for them to spend some of what they have saved. They had enough to buy new bikes!! When we got up to the counter, the cashier told me that they could not accept rolled coin, and spent quite a while unrolling, counting, and whinning about it. I thought the savings lesson was worth the hassle, because now my son will "save up" for a toy he really wants. I just wish I had called ahead to find out what their rule was.