By Chris Buchheit on April 1, 2010
Loose Change – Getting Rid of It.
.jpg.aspx?width=75&height=75) Let’s be honest, nobody likes carrying around change. It clinks around in pants pockets and jingles noisily in purses. Plus it’s heavy. It’s no wonder that the “dollar coin” movement failed pretty quickly. In practice, though, everyone has more spare change than they want. What is the best way to get rid of it all? There are a few ways, all varying in degrees of effectiveness.
The best method, in this writer’s own opinion, is to save all your loose change into a jar or some sort of central location. After a full year, especially around holiday time, turn the coins into cash. You can do this one of two ways: using CoinStar, or going to your bank to convert your change into cash. CoinStar machines can be found in super market chains, such as Harris Teeter and, for a small fee based on how much money worth of coins you have, can convert your coins into bills. However, as stated, CoinStar takes a certain percentage of your coined money. Be warned, therefore, if you use CoinStar, because you will not get your entire return. Another similar method is using coin converters at banks. Only certain banks contain these converting machines, but they are usually free of charge. If your bank does not have the machine, the bank can simply roll your coins and present you with cash.
There are more creative methods to getting rid of loose change. For example, certain bigger store chains are starting to have accounts where customers can deposit their loose change from purchases. So, let’s say for example you buy a box of Nerds for $.65. If you pay for one dollar, you could tell these chains to put the change on an account. After a while of accumulation, it could start paying for some groceries. Another creative method is paying for your groceries at the self-service check out lane. In these lines, you can pay with as many coins as you want! You will probably get some weird looks, but at least you will be getting rid of spare change.
One point to keep in mind is that separately, spare change seems worthless. However, once it accumulates, it is worth more money that you can sometimes imagine. During these hard economic times, every penny needs to be considered.
Note: If you are a member of a credit union, find out if they offer free coin counting services. Many credit unions provide this service for free to their members. |