If you carry and spend cash often, you’re probably pretty accustomed to ending up with some loose change. This is especially true for people who employ the “cash diet” method of saving. But where should you go to turn your coins back into paper money? Here are a few pointers.
Avoid the Grocery Store Machines
Grocery store coin machines might be convenient, but you pay a pretty penny (pun intended) for that convenience. There’s no reason to spend any extra money to have your coins converted into cash. Avoid these machines unless you’re really hard-pressed for time because there are better options.
Roll Those Coins
Make sure you roll your coins before you try to cash them out. Conveniently enough, you can just spend them as rolls if you’re in a pinch. No one should give you any grief for paying for things with coins. They’re legal tender, after all—a $10 roll of quarters is the same thing, financially, as a $10 bill.
Try the Bank
If you’re already a customer at a bank, try there first. They might ask you to roll your coins first, but that’s a good way to already know how much you’ve got. Some banks also offer coin sorting machines that don’t have a fee associated for existing customers. These are great resources to use!
Credit Unions
A lot of the same points that apply for banks also apply to credit unions. Members usually get their coins cashed for free, and non-members usually pay a fee comparable to using coin sorting machines. If you’re already a member of a credit union, try this option!
Retail Stores
Retailers often need coins. If you ask nicely if they can exchange bills for your rolled coins, some cashiers might be happy to oblige you. Make sure you’re friendly about this and thank the cashier! It’s not their obligation to do this, and they’re doing you a favor if they do. Still, many cashiers might be happy to help you out here because they need coins to make exact change.
Don’t Bring in Jars of Coins
This should go without saying, but don’t bring a jar (or a bag, or a pocket full) of loose coins into an establishment to pay for things or to exchange for cash. This is extremely disrespectful of the cashier’s time, other customers’ time, and everyone’s patience. No one wants to be behind the jerk trying to pay for groceries with loose coins. At least roll them before you bring them out shopping.
Coin Savings
Some people who use the cash diet for saving money like to use their coin jars as impromptu savings accounts. This strategy sees them letting their change jars get full before cashing them out and then splurging with the new finances. This is a fun idea, but there are other ways to put this concept to use.
Invest It
When you cash out those coins, why not invest them? Take the money and, instead of splurging, drop it into your preferred investment. That might be a treasury note, a traditional stock portfolio, or even just a high-yield savings account. Whatever you choose, you can use this strategy to make your money start accruing interest to keep it ahead of inflation.
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The Quicker the Better
Make sure you don’t let your change sit in the jar for too long, either. Money that isn’t accruing interest gets hit with inflation much faster than money that you have invested. As such, it’s best to roll your coins and get them cashed out to either be spent or invested as soon as possible!
Read More: How to Save Money with the Cash Diet
Other Savings Strategies
Instead of using a coin jar, you could instead just make sure to invest a little bit at a time. There are apps that round up your purchases and invest the difference for you! These function a bit like the “change jar investments” strategy without the downtime of your coins possibly missing chances to accrue interest for you!
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