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Loose Change

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RandRmoney
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Loose Change  Reply with quote  

I have been saving change ever since I was little. I would cash out every six months. But now since we have two kids,.......they have piggy banks and their grandparents give them money all of the time. The banks are filled with dollars ans change.

What should I do with it? Crying or Very sad
Post Sat Jun 18, 2011 4:31 am
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freecreditscore
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Your change...  Reply with quote  

Hello,

I personally, would deposit the loose change into a money market account that will yield you low interest return. You might as well receive a small return on your money rather than letting sit at home.
Post Sat Jun 18, 2011 1:31 pm
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RandRmoney
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That's cool  Reply with quote  

I don't know too much about money market accounts but I will research it. Do you know who has the best rates and whats the minimum amount to start?
Post Sat Jun 18, 2011 5:07 pm
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coaster
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Check here: www.bankrate.com
Post Sat Jun 18, 2011 11:22 pm
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RandRmoney
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Thanks Coaster  Reply with quote  

I see Ally Bank has good rates. Their MMA and Savings seem to have the same terms. So here's a real rookie question: Whats the difference?
Post Sun Jun 19, 2011 2:48 am
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Jail Nation
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Annoying little coins! that even when you lie down they seem to drop out of your trousers which is why it is wise to remove your change and put them in a piggy bank or wherever else you might want too. Though it is cool to have loose change with you when you go shopping so as to get exact change, they can be strenuous and very annoying especially the noise they make whenever you are in motion.
Post Sun Jun 19, 2011 2:09 pm
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debedwards
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Even if they are loose change they can still be used to invest into something and I recommend to place this in a money market account rather than just let them be in piggy banks.

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Post Fri Sep 02, 2011 2:52 pm
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infinity
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Other places for the loose change  Reply with quote  

It all depends on the amount involved and the time frame, but with the current extremely low yields in money market accounts, less than inflation, some other investment my be better in some circumstances. There are some things yielding around 5% to 7% or higher that are fairly safe especially if the time frame is for many years which could be the case for young kids and their are many online brokers with quite reasonable fees. With the recent market fluctions one could watch closely and try to get one of these that is lower than usual. Some of them don't flutuate much at all even with the recent wild market swings.
Post Sun Sep 04, 2011 8:49 pm
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Offshore-Wealth.com
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SAVINGS BANKS Are LOSERS  Reply with quote  

Interesting,

As I see it, there is no way I would put my money in any savings account given the low rates, and higher inflation, you are not going to see your money grow as we once did. You have too many factors working against you at this point in time since financial collapse. Once you factor in all the numbers, you are losing money even if you can find a secure long term 3% rate. Heck, U.S. currency alone has lost 30% plus in value, and now with inflation kicking in, there is no way to come out ahead by putting your savings in any bank. Buy silver coins, preferably proofs and collections where you can see a great appreciation in value in any economy. I too started collecting coins as a child, then found I had all silver coins, and thankfully I never considered putting them in bank, even when interest rates were 4% at the time. lol

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Post Tue Sep 06, 2011 5:40 pm
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RonBrun
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You didn't mention how old your kids are, or how much they have in coins and bills. However you decide to invest the money, consider using it as a learning opportunity for your kids.

How about having them manage their own savings in some institution that gives them the ability to add to the balance periodically. You may not get the absolute best rate, but providing a hands on financial education to your kids is probably worth more in the long run.
Post Wed Sep 07, 2011 4:42 am
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Kenny Soward
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I agree with Ron. Whatever you do, make sure to show your kids how all this stuff works, because they probably aren't going to learn it in high school.

BTW. Nice to meet everyone!
Post Fri Sep 09, 2011 2:49 am
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RandRmoney
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Thanks  Reply with quote  

The kids are 3yrs and the other 3 months. I do plan to teach them financial responsibility. My 3 year old can identify all the coins and know who is on what bill.
Post Fri Sep 09, 2011 3:18 am
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bunsoola
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We throw all our loose coins into a big container at home. At year's end we take the container to TD Bank and exchange the coins for dollar bills.

Tada! No more need to pay with nickels and dimes at the cash register and hold up everyone in line.

TD Bank doesn't charge for the exchange so you get to keep all that you have saved.

For the past 3 years we have been averaging about $300 worth of coins. Not too shabby!

Whatever amount we have coming out of TD Bank- that's the budget we apply towards christmas gifts in December.

Then come January we start the process all over again.
Post Wed Oct 12, 2011 6:20 pm
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globaldoc2001
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What I do is, I save and keep around 2 coins of the loose change for collection. A few decades after, that would already be a fortune. The rest, I put them back into the bank.

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Post Thu Oct 13, 2011 5:31 pm
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bunsoola
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Not a bad idea Very Happy . So how do you know which 2 coins to keep for your collection?
Post Fri Oct 14, 2011 2:03 pm
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