By Stas Bekman.

Published: 12 July 2006

Saving Money with The Coin Jar?

This "coin jar" system is very old - it works in a very simple way: Every day you empty any available coins from your pockets into a coin jar. When the jar gets full you take it into your bank and deposit the saved money.

However, the recent trend is to start charging for exchanging coins into bills using coin counting machines at grocery stores and banks, so you might be losing up to 10% of that saved money. There are still some banks that will not charge for this operation. Sometimes you need to sort and roll the coins yourself to avoid the charges in the bank. But then your time is money too, don't forget this important thing.

One way to avoid this issue is to convert your coin jar into a bill jar, by storing bills rather than coins. So now every time you pay cash you will have to use those coins and give a cashier the exact amount, like $1.95.

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Tags

money savings, coin jar, advice, coins, change, hidden cost