Comments on: What to Do With All Those Pennies? http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/ Tips and tools to save time and money. Thu, 20 Nov 2008 09:48:20 +0000 http://wordpress.org/?v=2.5.1 By: Brad http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/#comment-121 Brad Sun, 11 Feb 2007 15:06:38 +0000 http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/#comment-121 Pennies, I love pennies. Along with enjoying keeping my eye out for the pre 1960 wheat pennies and saving them as a small collectiuion, I save the rest in a large bottle. I also use the Coinstar machine, but only for the pennies. The rest of the "chicken feed" as my grandmother used to call it is worth my while to roll but the pennies are worth it to pay the 10%. When my bottle is almost full (usualy about 6 months) there is about $70.00 in cash and I use it to treat my wife and I to a fine dinner out. Pennies, I love pennies.

Along with enjoying keeping my eye out for the pre 1960 wheat pennies and saving them as a small collectiuion, I save the rest in a large bottle. I also use the Coinstar machine, but only for the pennies. The rest of the “chicken feed” as my grandmother used to call it is worth my while to roll but the pennies are worth it to pay the 10%.

When my bottle is almost full (usualy about 6 months) there is about $70.00 in cash and I use it to treat my wife and I to a fine dinner out.

]]> By: Andrea >> Become a Consultant Blog http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/#comment-95 Andrea >> Become a Consultant Blog Fri, 02 Feb 2007 04:29:36 +0000 http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/#comment-95 I put them in a jar. When the jar is full, I take it to the machine at my grocery store. The machine sorts the coins and gives me a receipt. I cash in the receipt for cash, which I deposit to my son's college fund. Even though the machine charges 10%, I consider this to be money well spent. It can take up to an hour to sort and roll the same amount of coins and then I have to take them to a bank, which is more time. And carrying excess coins in my wallet hurts my shoulder. So it makes sense to use the coins as forced savings. Besides, if they're just sitting in a jar, you're better to get 90% of the value and invest it. I put them in a jar. When the jar is full, I take it to the machine at my grocery store. The machine sorts the coins and gives me a receipt. I cash in the receipt for cash, which I deposit to my son’s college fund.

Even though the machine charges 10%, I consider this to be money well spent. It can take up to an hour to sort and roll the same amount of coins and then I have to take them to a bank, which is more time. And carrying excess coins in my wallet hurts my shoulder. So it makes sense to use the coins as forced savings. Besides, if they’re just sitting in a jar, you’re better to get 90% of the value and invest it.

]]> By: k34h2qf9vy2 http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/#comment-90 k34h2qf9vy2 Thu, 01 Feb 2007 23:19:14 +0000 http://www.moneyhacks.org/2007/01/22/what-to-do-with-all-those-pennies/#comment-90 This is a good point. If you accumulate change at home then you are effectively rounding all purchases up to the nearest dollar. I have a different solution: (If you can't trust yourself to pay your credit card bills every month skip this comment. I know we've been through this issue already but it's relevant here too...) I use my credit card for all purchases. I get 5% back on gasoline and auto repair, 3% back on groceries and 1% back on all other purchase. If you don't take advantage of these rebates you are subsidizing people like me who do. Since I never use cash, I also don't have problems accumulating loose change, or worrying about ATM fees. (I don't like debit cards. If one gets stolen, the theives might empty your bank accounts and your checks might bounce etc.) This is a good point. If you accumulate change at home then you are effectively rounding all purchases up to the nearest dollar.

I have a different solution:
(If you can’t trust yourself to pay your credit card bills every month skip this comment. I know we’ve been through this issue already but it’s relevant here too…)

I use my credit card for all purchases. I get 5% back on gasoline and auto repair, 3% back on groceries and 1% back on all other purchase. If you don’t take advantage of these rebates you are subsidizing people like me who do.

Since I never use cash, I also don’t have problems accumulating loose change, or worrying about ATM fees.

(I don’t like debit cards. If one gets stolen, the theives might empty your bank accounts and your checks might bounce etc.)

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