[augusta]

You wouldn't believe how much you can save with the 'Keep All the Change' Challenge. You can make it a monthly, quarterly or yearly challenge. This is about keeping your change.safe. I e any time you receive change from a purchase or stumble upon loose coins in your house, you put them in a jar. When you need to know how much you have saved you can use the coin-counting and collection machine to know how much you have saved

You can also store it in a box still when you need it. Have you ever tried this challenge? What have been your experience?

[JASPREET]

It's a nice tip to save money and I used to do that but these days I pay online only so I don't have any loose change

[OldGuy]

I suspect most people over 40 in the US at least have a coin container somewhere in the house dating back years. Before the age of credit cards, everyone carried cash and almost everyone had a pocketful of change when they got back home each evening. That pocketful of change was dumped in the container as a routine.

Over time since then, most people have been using credit or debit cards even for the smallest purchase and a small majority don't use any cash at all. The old coin jars, boxes or whatever are still sitting there, but long forgotten or ignored under whatever has been piled on top of them. I suspect that change in purchasing habits is a big reason for recent coin shortages. There are probably millions of dollars in small change sitting in bedrooms and dens all over the country and most is just no longer being circulated.

I visited one of my brothers a few years back and happened to spot his old change jar. It had quite a pile sitting in it. We pulled it out to sort, count and roll it and were shocked to find well over $600 that he had actually forgotten was even there. He has not used cash for any purchase for more than 5 years.

It does add up, but now that so many no longer use much cash at all, it can take a very long time. I just checked and my own cash jar has a grand total of $11 + after the last few years. There are not enough coins of any single denomination to even make one roll.

[augusta]

The thing is that you can keep for more years if you like, so that you get much after several years.

[Fergal]

How do you spend all those coins that you have saved up? If you take them to a coin counting and conversion machine, they often charge you for the privilege.

[OldGuy]

How do you spend all those coins that you have saved up?

You can just take them to your bank and they have their own coin counters that even roll them in the process for no charge at all. You can just deposit it all in your account or they will give you the cash in bills. If you want to roll them yourself, the same banks will even give you the roll papers for free and you can still just take the rolls to the bank for deposit or a free conversion to folding bills.

Of course you can still take them with you when you go shopping and make your purchases with coins while the line behind you groans with your delays at the register.

[Fergal]

Good suggestions OldGuy, thanks for your helpful reply. Some Irish banks used to charge as high as 10% to convert coins, I'm not sure if they still do. Seems more than a little unfair, considering that they are legal tender.

[augusta]

How do you spend all those coins that you have saved up? If you take them to a coin counting and conversion machine, they often charge you for the privilege.

In my country you can exchange it in the bank or deposit it and get a higher notes of the money you have deposited then you can start spending it on what you want.

[Tendz]

Good tip👍 By putting our excess daily changes into a box/jar, we are preventing frivolous spending. And once we have a healthy stash, we can take our changes to the bank and deposit them.

[augusta]

Yeah you wouldn't believe how much you can come up with in 26 weeks. it shows the amount of money we just throw around all the time because we believe are just loose change.

[oldbuddy]

I carried that one step further and just tossed PENNIES in a big jar on my fireplace. It was a conversation starter for many years and when we moved and had to take them to the bank it totaled over $200 USD. Now I still have a coffee cup on my dresser that all my loose change goes in that usually adds up to $30 or so.

[augusta]

That's a good buddy, we can do this daily if possible per month and not spending unnecessarily and see how fast it add up to be another bulk money.

[tumbutumbuan]

this is where you can save a lot. When you get change, collect them as best you can then in time they will become a big savings. Even if you are a billionaire, this habit can keep you for being a billionaire

[kowegandengkarodee]

sometimes collecting coins is very annoying, but if the money is collected, the more you eat, it won't be disturbing, without even realizing it, you can save accidentally

[darkuszerx]

take it as a challenge at the beginning, then in the future it will make it a habit for you

[adhiramadhaniwf]

I will always save the change because indeed they are of little value, but when combined they will still be powerful

[oldbuddy]

How do you spend all those coins that you have saved up? If you take them to a coin counting and conversion machine, they often charge you for the privilege.

My bank does it free for account holders.

[bismillahdehoke]

My mother always keep the change received (coins) without ever missing a single one. When my mom opens her savings account, it can be used for 2 months of living expenses, so this is a good habit

[sthiraanjani]

I always save my change and collect it until it piles up a lot, and that's a good thing in my opinion