Most of you have probably noticed that most National banks have done away with coin collecting machines. This has been the main reason for the decline in saving our Coins. Nobody wants a bunch of change cluttering up their space. Since the decline in banks offering coin collecting services there has been a rise in coin-counting machines. You have probably noticed these machines at your local grocery store or next to the DVD or Lottery Kiosiks at other retailers. You may have even used one of these machines to turn your coins in. Did you know these coin counting machines are actually taking your money. You lose money every time you use one of these machines. One company (CoinStar) now charges an 11.9% service fee. That means if you turn in $50 worth of change CoinStar will take $5.95 from you. Your $50 now turns into $44.05... this adds up over time. Is it convenient, yes... are you losing money in the process, YES!
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Here are some tips to help you save your change.
Step 1: Make an effort to save your coins. Grab a cup, vase, bowl or empty jar and put it in a convenient spot (by your keys or wallet) so its very easy to throw your loose change in. Loose coins annoy you? Try turning it into a family or friendly competition. See who can save the most coins every month. Have the kids search the house (under couch cushions etc.) for coins. Awesome job! Now you have a nice full jar of change.
Step 2: Turning in coins without the fees. Check with your current bank to see if they still offer free coin counting service for their customers. If not call around to your local credit unions to see it they offer this service for free. *Next call your bank and see if they give out free coin wrappers. You'll be surprised but most banks actually do this. If you take some time to roll up your coins you can turn them into the bank with no fee! I know this doesn't sound like a very exciting way to spend your weekends but if you are someone who is looking to save money then this tip can help. Not into rolling your own coins, you can easily find your own coin sorting machine (like this one at Amazon), or check your local Walmart or Target.
Step 3: Turn change into gift cards. If you still insist on using your local CoinStar to turn in your change opt for their gift card options. If you agree to turn in your change in exchange for a gift card you will not be charged the 11.9% service fee. They offer e-gift cards to a lot of popular stores like Best Buy, GameStop, Starbucks and Amazon.
Step 4: Start putting the small amount of money you are saving into your savings account and watch it grow. Maybe it's $15 dollars this month, $5 next month and $30 the month after that. And who knows maybe in 6 months you've got yourself $100.
Don't be a part of the statistic - don't help throw away 62 million dollars a year. Start Saving Again!
*Reasons To Save
- Emergencies
- Planned Big Purchases
- Education
*Reasons To Save
- Emergencies
- Planned Big Purchases
- Education
