Comments on: I Do Not Have a Coin Jar, and Here’s Why

By: Tricia

Tricia — Sun, 11 Jan 2009 15:58:46 +0000

Hi Shay – we don’t usually find much change on the street. Since writing this post, we now have a little jar with change that shows up here and there. We use it to fill the parking fund in our car or take it with us on trips to pay toll fees.

By: Shay

Shay — Sun, 11 Jan 2009 12:44:54 +0000

I find it interesting that you dont’ have a coin jar but what about money that you find on the street? My kids amaze me at how much money they do find on the street and I work in a small country shop it is amazing the amount of change that we find at the end of each day..(work change we give to a charity tin)

By: jaye

jaye — Tue, 19 Feb 2008 12:51:41 +0000

My feeling is that, if you’re trying to get out of debt, it’s better to spend change than to save it in a jar. People seem to think of it as “found” money, but it’s not! It’s just the same as all of the bills in your wallet. By neither spending it, nor putting it into the bank, you’re not using it to reduce debt nor making interest.

I figure there are two goodoptions:
1. You could roll up the money and put it in a bank though that involves a lot of work. Those Coinstar machines would be a great option–if they didn’t take 10%!!!! That’s quite a scam.
2. Spend it! This is my choice. I try to spend the change with every transaction, so that it doesn’t build up too much.

It’s funny what you said about holding cash. I feel differently about it. I get about $90/week cash for a side job that I do. I try to use it for essentials (food, school lunch, etc.). I make a bit of a game of it to see how long it will last. On a good week, I’ll still have some left over when I get paid again. I like seeing the money in my wallet so much that I don’t want to spend it!

By: Tricia

Tricia — Thu, 17 Aug 2006 23:55:42 +0000

The nice thing too about having it automatically taken out is that you are less likely to miss it

By: Karen

Karen — Tue, 15 Aug 2006 21:32:26 +0000

I don’t do a coin jar either. I guess it would work for someone who just can’t save any other way, and who uses cash alot. I personally buy into the “pay yourself first” philosophy and even though I have a very structured budget and not much wiggle room (due to most everything going up except my paycheck….) I do have a small amount withheld from each paycheck and deposited into a savings account. I work hard and I figure, I deserve to keep some!

By: Chitown

Chitown — Sun, 16 Apr 2006 18:48:00 +0000

I have a piggy bank (literally…LOL) and use a combination of cash and cards. It suits my busy life. As a female, I put everything in my wallet, including change, so I don’t lose it. At the end of the day, I put all change in my piggy bank. Last year, I had enough change in there to pay for more than 1/2 my Christmas presents. With my current debt paying schedule, I don’t have $20 here and there to put away for Christmas so it was nice to count that up, take it to the bank and get some Christmas gifts “guilt free.”