What is the basic fundamental thing we all want for our money? For it to grow I suppose is the primary reason why we invest it, right. Recently I used to keep my coins in a wooden jar aka old dude piggy bank, and cash them in once a year. But now something changed, as my current bank got rid of the free coin exchange machine. I’m assuming they want to avoid operational fees or are attempting to bypass legal issues of some sort. I was always a bit skeptical at the coin counting abilities of said machines, and the likelihood of it not doing that job accurately. Even though I had my doubts I would still exchange coins and make a huge deposit of around $50-100 dollars in coins every year. But because now my banking institution decided to take away another perk (Way to go Banks), now I don’t keep coins in a piggy bank for long.
I woke up the next day after hearing this news and decided to make a financial habit change. I will now take a small amount of coins to the bank with every deposit I need to make. (Yes I still walk into a branch- I’m Old School) I will do this to save time, and to compound my money at a faster pace. This habit change will keep the coins in my home at a minimum, and put them in hustle mode. Because If I take the coins from the piggy bank and invest it into a financial account, it will elevate the compounding effect. Now those quarters will not collect dust at home. Why wouldn’t you want to put the loose currency to work in the markets as early as possible?
Don’t Keep Coins in a Piggy Bank for Long
How do I save time with this strategy, because now I don’t have roll up all those coins. In addition to that all the counting of change takes a massive amount of time as well? Today if I had to make a deposit it will look something like 207.33 cents. The 200 dollars is a check for example, and the 7.33 will come from random coins I have stashed.
The next day I will immediately transfer said 7.33 or greater to my ghastly school debt or to my fabulous investment accounts. Whatever floats my boat at the moment? On the same topic of time, by placing the coins in investment accounts, it will help me leave the rat race that much sooner. Time saved not wrapping coins, and time saved not working for forced labor is awesome. Winning!!!!
Tweet ThisDon’t keep coins in a piggy bank for long because then you will miss out on all the things those coins can get you. If you decide to go the consumption route with the coins, you can take that once in a lifetime vacation sooner. Also you can put on layaway that new big screen TV, with all those coins you save every week. People who forget or disregard the power of loose change are not controlling money effectively. By keeping them working in some capacity and not leaving coins laying around at home, you are taking charge of 1 aspect of finances.
Every time you make an extra debt payment or invest extra funds, the compounding will eventually benefit you by saving interest money or making you invested money. – Rich Uncle EL
How do you save time or attempt to speed up the compounding process?
What do you think about the topic – Don’t Keep Coins in a Piggy Bank for Long?
PS – Quarters, Dimes, Nickels and Pennies will soon expire, change them quick before they retire. – Rich Uncle EL
Rich Uncle EL
I liked this one 🙂
I've had to change them in myself starting last year when the coin machines went away, but didn't think about doing it in chunks vs all at once! Though I will admit it was a great way to entertain my kids for a few hours while we were all wrapping hundreds of coins haha…
My recent post One Minute Goal Setting For Your Finances
Nice experience I bet. Yes I remember wrapping many pennies with my cousins and it was less than 20 bucks in the end. Fun times but we wanted the amount to be more. Back in the old school days. Banks are going retro instead of the future, when the lady said they have coin wraps, I chuckled.