Before this summer, I was never one for saving my coins. I would carry tons of coins around in my wallet until they got on my nerves and then I would find a way to get rid of them. But this summer while on vacation in Acapulco I invested in a piggy bank that has proven to be a huge help with my saving!
Think you are too old for a piggy bank? Think again! Saving your coins in a piggy bank or even just a jar is a great way to save and provide yourself with a little extra something later on down the road. Think of it as a rainy day fund. When the jar or bank is full, take yourself out and buy something that you have been wanting but haven’t found that little bit of extra money for yet.
There are several things you can do with your coins:
Roll Them – This is obviously your best bet, but can be extremely time consuming as well. First you have to pick up the rolls from the bank, then roll the coins, and then take them back to the bank. I know a lot of people who find this really beneficial, I think I am just someone that enjoys instant gratification and find that rolling the coins just takes me too long.
CoinStar – CoinStar is a machine that is located at many grocery stores and other retail locations. It is the green machine that you may often see right when you walk through the door. There are 3 things that you can do at a CoinStar machine:
Donate – All of your coins can be donated to a charity through the machine. You just have to choose donate before you start putting your coins in and the machine will do it for you! The machine will also give you a tax deductible receipt for when you file your taxes. Some of the non-profit organizations that CoinStar works with include The American Red Cross, The March of Dimes, The World Wildlife Fund, etc.
Cash Out – This is simple as well, just pour your coins in, print the voucher, and take it to the customer service desk to get your cash. The catch is that CoinStar will take out 8 cents per dollar that you put in. Although it is taking money away, you are paying for the easy convenience of the machine.
Gift Cards – This is a great option through the machine. If you don’t want any money taken away from you, put your money into one of the gift cards offered instead. Some of the gift cards offered includes Amazon.com, Starbucks, Old Navy, etc.
I saved in my piggy bank all summer and just cashed out this past weekend. I wanted to do a gift card, but the CoinStar machine nearest me did not offer this option. Instead I cashed out and was still happy to realize that I had saved about $55.00 (this was a big surprise to me). I decided that this was money I had already forgotten about and treated myself to a pair of shoes for work.
Another way to save your money without using a piggy bank? Bank of America offers a ‘Keep the Change’ option that many of my friends have recommended to me. Every time you make a purchase on your Bank of America debit card, they will transfer the left over change from that purchase into your savings account. For example, if I bought something a CVS that cost me $9.25, Bank of America would transfer $0.75 into my savings account automatically.
For the first 3 months, Bank of America will also match your savings 100%! After these 3 months, they will match 5% per year for up to $250 per year! These savings could really add up for you. Make sure to check out the Geeezo Marketplace for other great accounts that can help you save your money!
As you can see, there are many ways to save that are simple for you and take none of your time! In the long run you could have some money for a rainy day, or reach some of your Geezeo goals just by saving some of your extra change.
Photo Courtesy of Michael Connors
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The Real Secrets of Saving Money
February 4th, 2010 at 9:13 pm
Joe…
Check out my domain sometime….