Spare Change

Do you have a container of change just sitting around? According to Coinstar, there is more than $10.5 billion in loose change is sitting idle in American households. Over 60% of Americans own piggy banks or some other means of hoarding change (jars, bottles, cookie tins, buckets, etc.).

I own several piggy banks. Among them: a blue plastic pig, two small porcelain pigs, and two glass jars. One of the porcelain pigs is for foreign change only. If I come home from vacation with a coin or two, I drop it in the bank. Or if I get a Canadian coin or two in change it goes in. This happens frequently and at the rate I'm going I'll be able to fund a Canadian vacation in the next year or two.

So what do you do with your change? Hoard it, cash it in, use it to splurge on something expensive. If you roll your change, make sure to contact your bank to find out their procedures before turning the change in. One of my banks just requires the coins to be wrapped. Another wants my account number on the roll - I don't turn coins in at this bank!

You can turn your change in at a Coinstar machine. Be aware that they charge a fee for this service. The processing fees are as follows - 8.9% in the U.S., 9.8% in Canada, and a 7.9% fee in the U.K. However, if you turn the coins into a gift card you can skip the fee. Starbucks, Amazon.COM, Borders, Linen N' Things, Pier 1 Imports, and Hollywood Video participate in this program. Check out the website for more info.

If your lucky enough to have a bank that provides this service, go with it. I know Commerce has their own machine in the lobby that you dump coins in. It then gives you a receipt that you take to the teller. Deposit it or take the cash. But the best part about it is, it's free!

So continue to save that change and let me know what you do with yours.

Till next time...