RandRmoney
Contributing Member
Cash: $ 7.65
Posts: 33
Joined: 03 Mar 2011
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| Loose Change |
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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? 
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Sat Jun 18, 2011 4:31 am |
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freecreditscore
New Member
Cash: $ 0.60
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Joined: 18 Jun 2011
Location: Atlanta, Ga
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| Your change... |
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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.
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Sat Jun 18, 2011 1:31 pm |
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RandRmoney
Contributing Member
Cash: $ 7.65
Posts: 33
Joined: 03 Mar 2011
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| That's cool |
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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?
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Sat Jun 18, 2011 5:07 pm |
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coaster
Senior Advisor
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Location: Wisconsin
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Check here: www.bankrate.com
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Sat Jun 18, 2011 11:22 pm |
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RandRmoney
Contributing Member
Cash: $ 7.65
Posts: 33
Joined: 03 Mar 2011
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| Thanks Coaster |
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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?
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Sun Jun 19, 2011 2:48 am |
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Jail Nation
Contributing Member
Cash: $ 5.40
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Joined: 16 Jun 2011
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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.
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Sun Jun 19, 2011 2:09 pm |
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debedwards
Preferred Member
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Location: Connecticut
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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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Fri Sep 02, 2011 2:52 pm |
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infinity
New Member
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Joined: 04 Sep 2011
Location: U.S.
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| Other places for the loose change |
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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.
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Sun Sep 04, 2011 8:49 pm |
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Offshore-Wealth.com
Senior Member
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Location: FREEDOMLAND
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| SAVINGS BANKS Are LOSERS |
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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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Tue Sep 06, 2011 5:40 pm |
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RonBrun
Member
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Joined: 09 Jul 2011
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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.
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Wed Sep 07, 2011 4:42 am |
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Kenny Soward
New Member
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Joined: 09 Sep 2011
Location: Cincinnati, OH
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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!
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Fri Sep 09, 2011 2:49 am |
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RandRmoney
Contributing Member
Cash: $ 7.65
Posts: 33
Joined: 03 Mar 2011
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| Thanks |
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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.
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Fri Sep 09, 2011 3:18 am |
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bunsoola
New Member
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Joined: 12 Oct 2011
Location: Pennsylvania
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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.
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Wed Oct 12, 2011 6:20 pm |
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globaldoc2001
Senior Member
Cash: $ 75.25
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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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Thu Oct 13, 2011 5:31 pm |
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bunsoola
New Member
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Location: Pennsylvania
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Not a bad idea  . So how do you know which 2 coins to keep for your collection?
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Fri Oct 14, 2011 2:03 pm |
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