Counting the Pennies!
By TheIrishClog
@TheIrishClog (985)
Ireland
February 25, 2012 6:52pm CST
We have two tins at home, one for coppers and one for coins.
Coppers are .01, .02 and .05, the rest are .10, .20, .50, 1.00 and 2.00 euro coins.
All our change goes into these tins for the most part, and every year it pays for our insurance on our van and then some. The insurance is not due until June, but already in January we had enough to cover the insurance, so I would hope that we'll have enough there to contribute towards the yearly tax as well when it's needed.
Do you count and save all your coins in a jar? Does it help pay regularly for something specific or what do you use it for? Luxuries or necessities?
3 people like this
11 responses
@JenInTN (27514)
• United States
26 Feb 12
I have some tins for my change too. I think I have two of them now almost full. They are not as organized as yours though...mine are just whatever was in the pocket or purse at the time. I used to use the change for hard times. I haven't had to bother it in quite some time though..that's a good thing. But now that you have mentioned it, I might have to count it up and see how much I have accumulated.
1 person likes this
@TheIrishClog (985)
• Ireland
26 Feb 12
See we tend to count the larger ones when the insurance is due and leave the smaller ones until some day when they might really be needed. The small ones haven't been counted in at least 2 years, which means that it's even better saving :)
When you count it, will you use it for something necessary or a little luxury for yourself?
@marguicha (223885)
• Chile
26 Feb 12
I could not possibly put all my coins in jars as I need my money for everyday living. But I have a piggybank and I place no more than one coin of the highest nomination a day. That´s about US$1. It´s the most I can spare. Some days I don´t have any of those coins so the piggybank is not fed
. But I save all that money during the year (plus my online earnings) to pay for my vacations. I could not posibly do it without that.
. But I save all that money during the year (plus my online earnings) to pay for my vacations. I could not posibly do it without that.1 person likes this
@marguicha (223885)
• Chile
27 Feb 12
I doubt that the Banks will notice my hoardings or, for that matter, the hoardings of all the people in my country who hoard in jars and piggybanks. They should worry about other kinds of hoardings. Don´t you think?
@AgentGulaman (3546)
• Philippines
26 Feb 12
So, you are hoarding that coin denomination all along. You are disrupting the flow of cash with that coin denomination!
Just kidding! But yes, in my country, the central bank already issued a statement to the public not to hoard a specific coin denomination. They say, it specifically makes it difficult for them to produce money of that value because a lot of people are hoarding it. The flow of that coin is really disrupted.
Just kidding! But yes, in my country, the central bank already issued a statement to the public not to hoard a specific coin denomination. They say, it specifically makes it difficult for them to produce money of that value because a lot of people are hoarding it. The flow of that coin is really disrupted.1 person likes this
@TheIrishClog (985)
• Ireland
27 Feb 12
Thanks for the responses guys.
@marguicha - every little that you can save helps! Great that you can put it towards vacations, I think we all need one every once in a while.
@AgentGumalan - where do you live? Nothing of the sort being said here, but if we keep saving, maybe it's an issue our banks will experience. At least we bring them all back to the bank once per year haha.
@peavey (16936)
• United States
1 Mar 12
I don't do this at all. Instead, I keep coins in my purse and use them to avoid breaking dollar bills. It helps me save money that way. I know that a lot of people save coins like you do, but I'd rather save paper money. I don't tend to spend it, so it really helps.
1 person likes this
@lilaclady (28207)
• Australia
26 Feb 12
I have a box of coins that I should take to the bank but I feel embarrassed taking all these for them to count out or whatever they do, but I must do something as at the moment I could do with a little more ready cash.
@TheIrishClog (985)
• Ireland
26 Feb 12
You should be able to get money bags from the bank and count it out yourself as we do. Our bank charges to count it out, so we count it, bag it and then bring it in and lodge it directly to our account and it doesn't cost anything but the small transaction fee.
1 person likes this
@lilaclady (28207)
• Australia
27 Feb 12
A big thank you again for inspring me, I took all my loose change up to the bank today, and they have a coin counting machine so all I had to do was tip all the coins in and it counted them all and then prints our a receipt to take to the counter, I got $81 that will go towards my bills this month and will help a little so thank you thank you thank you....
1 person likes this
@TheIrishClog (985)
• Ireland
27 Feb 12
You're very welcome lilaclady, I'm very pleased that it has helped, that's my good deed for the day lol. I'm glad things might be a little easier for you this month. Keep up the coin saving! :)
@asyria51 (2861)
• United States
26 Feb 12
I do not use much cash anymore, but we do save up the coins. Mostly, I give them to my daughter for her piggy bank.
When I was younger and used cash exclusively, I would save up enough coins every year to pay for Christmas presents for everyone.
1 person likes this
@TheIrishClog (985)
• Ireland
26 Feb 12
That's great to hear. Christmas can be so stressful for many, that's definitely a good way of using your coins. It's also a great way what you're doing now, to teach children to save.
For Christmas, we start buying presents in September and by Halloween each year we have Christmas sorted, that's a huge weight off our shoulders.
@AgentGulaman (3546)
• Philippines
26 Feb 12
I used to accumulate pennies too in my piggy bank. But I realized that putting it in there won't make it bigger. I just opened up a savings account and put all my saved money in there. At least, even at low interest rates, my pennies will accumulate a bit of money rather than saving them up in jars or piggy banks. And yes, every penny saved can really help in my financial goals. I an really not a thrifty person before, but now, I do realized the power of saving and investing. Saving alone won't give you financial freedom, but saving while investing can.
@TheIrishClog (985)
• Ireland
26 Feb 12
For me something like that simply wouldn't work as I would never remember to keep up with lodgements on a regular basis. I suppose that it could be counted every few months and lodged into an account where it could earn interest though. Thanks :)
@3SnuggleBunnies (16374)
• United States
26 Feb 12
I don't save up any substantial amount in coin because I use my debit card more than I use actual cash. What change I do get I keep aside for either rummage sales or to bribe the kids for doing good deeds around the house.
@TheIrishClog (985)
• Ireland
26 Feb 12
That's a good idea, bribing kids is definitely easier than talking them 'round sometimes. You know, I've never attended a rummage sale, I have so much stuff in the house, I'm sure that I could probably make a few pennies selling some of the stuff I have no use for around the house!
@SomeCowgirl (32191)
• United States
26 Feb 12
I don't keep my change because I hardly ever use cash. Most of the time I use my debit card everywhere I go. I suppose if I did use cash, I'd be more apt to spend it so it wouldn't do a bit of good in ways of saving. If I wre to acquire a waitressing job I'd keep the change I suppose. Coinstars around here count the change for you and gives you a certificate to amazon, atleast some do. If you know where to go, you can get a place that will cash the coinstar out for no fee.
1 person likes this
@TheIrishClog (985)
• Ireland
26 Feb 12
I actually find that when I see physical cash changing hands it makes more of an impact and allows me to see how much cash I'm spending and what I have left. I don't think I could be quite as controlled or in the know if I were using a debit card.
I used to waitress and keep all my coin tips in a jar, at the end of the week I always had more than enough for a good night out!
@jahernandezrivas (11288)
• United States
27 Feb 12
I have two small tins that were cookie jars that came from the dollar store and they are both full of change and I love it! Then I have a kitty piggy bank that a friend gave me and I will put pennies in that one. I use the change sometimes for different things at the dollar stores it does come in handy.
