Difference between revisions of "Find Loose Change"
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| − | More than $10 billion in loose change can be found under sofa cushions and on street corners every year. Most people might never think to pick up a stray nickel or dime here and there, but the average American takes more than $600 in change every year through regular transactions.<ref>http://discovermagazine.com/2003/oct/featscienceof</ref> Collecting loose change can add a significant boost to your savings. This article will give you some tips for how to pocket some extra cash. | + | More than $10 billion in loose change can be found under sofa cushions and on street corners every year. Most people might never think to pick up a stray nickel or dime here and there, but the average American takes more than $600 in change every year through regular transactions.<ref name="rf1">http://discovermagazine.com/2003/oct/featscienceof</ref> Collecting loose change can add a significant boost to your savings. This article will give you some tips for how to pocket some extra cash. |
[[Category:Managing Your Money]] | [[Category:Managing Your Money]] | ||
[[Category:Money Management for Young People]] | [[Category:Money Management for Young People]] | ||
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#*It is a good idea to keep spare change in your car in case you need it for metered parking. | #*It is a good idea to keep spare change in your car in case you need it for metered parking. | ||
#Create a central collection spot. As you find change, you need to have a central place to keep it so it doesn't get lost again. You can use a jar, a small box, or a grown up piggy bank (or a toy version if you are a kid at heart). Put this bank in a convenient location, like by the front door or in a hallway that you walk down frequently, so you won't forget to use it. | #Create a central collection spot. As you find change, you need to have a central place to keep it so it doesn't get lost again. You can use a jar, a small box, or a grown up piggy bank (or a toy version if you are a kid at heart). Put this bank in a convenient location, like by the front door or in a hallway that you walk down frequently, so you won't forget to use it. | ||
| − | #*If you have kids, give them a piggy bank and encourage them to cash in on the fun, too. If there is a particular toy that they want, encourage them to save half of the money for it in loose change so they have a goal to work toward. Collecting change around the house can teach them important lessons about saving and budgeting.<ref>http://articles.chicagotribune.com/2014-03-06/business/sc-cons-0306-started-20140306_1_savings-plan-retirement-savings-america-saves-week</ref> | + | #*If you have kids, give them a piggy bank and encourage them to cash in on the fun, too. If there is a particular toy that they want, encourage them to save half of the money for it in loose change so they have a goal to work toward. Collecting change around the house can teach them important lessons about saving and budgeting.<ref name="rf2">http://articles.chicagotribune.com/2014-03-06/business/sc-cons-0306-started-20140306_1_savings-plan-retirement-savings-america-saves-week</ref> |
===Collecting Loose Change in Public=== | ===Collecting Loose Change in Public=== | ||
| − | #Look down in a crowd. Your best bet for finding change in public is to look in a crowded, busy space, like an airport, a subway station, or a train station. In spaces like these, most people won't bother to stop and pick up change they have dropped because they are too busy to notice it's gone. More than $675,000 in loose change was left in American airports last year.<ref>http://www.latimes.com/local/lanow/la-me-ln-passengers-airport-loose-change-tsa-20150407-story.html</ref> | + | #Look down in a crowd. Your best bet for finding change in public is to look in a crowded, busy space, like an airport, a subway station, or a train station. In spaces like these, most people won't bother to stop and pick up change they have dropped because they are too busy to notice it's gone. More than $675,000 in loose change was left in American airports last year.<ref name="rf3">http://www.latimes.com/local/lanow/la-me-ln-passengers-airport-loose-change-tsa-20150407-story.html</ref> |
#*Pay attention to security areas of airports. TSA guidelines require passengers to empty their pockets of loose change, but many passengers do not recollect this change from security bins. | #*Pay attention to security areas of airports. TSA guidelines require passengers to empty their pockets of loose change, but many passengers do not recollect this change from security bins. | ||
#Follow heavy foot traffic. Go to places where there is a lot of pedestrian activity. If you live near a popular bar area, you might consider taking a walk on an early Sunday morning to look for change on the ground left behind from people the night before. If you visit ballparks, concert venues and movie theaters, you should also keep an eye out for change on the ground or under the rows of seats. | #Follow heavy foot traffic. Go to places where there is a lot of pedestrian activity. If you live near a popular bar area, you might consider taking a walk on an early Sunday morning to look for change on the ground left behind from people the night before. If you visit ballparks, concert venues and movie theaters, you should also keep an eye out for change on the ground or under the rows of seats. | ||
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#Get in the weeds. If you are walking around a park or public garden, look around the less tended areas such as tall grass or weeds. Often when change is dropped in these areas, it goes unnoticed for a long time. Taking the time to look here can pay off. | #Get in the weeds. If you are walking around a park or public garden, look around the less tended areas such as tall grass or weeds. Often when change is dropped in these areas, it goes unnoticed for a long time. Taking the time to look here can pay off. | ||
#Check the Coin Return slot of vending machines. Often times when someone puts a dollar into a vending machine and buys something, the cost won't come to a dollar, leaving change in the slot. Some people just walk away without realizing the money is in there, meaning these can be hotspots in finding some extra change. | #Check the Coin Return slot of vending machines. Often times when someone puts a dollar into a vending machine and buys something, the cost won't come to a dollar, leaving change in the slot. Some people just walk away without realizing the money is in there, meaning these can be hotspots in finding some extra change. | ||
| − | #Be aware of your surroundings. While picking up change is generally a great idea, you also need to use common sense while collecting it in public. If you are crossing the street in Times Square in New York City with hundreds of other people, it might not be a good idea to stop in the middle to pick up a dime because you could trip up other people and possibly get hurt yourself.<ref>http://www.marketplace.org/topics/life/picking-loose-change-makes-sense</ref> | + | #Be aware of your surroundings. While picking up change is generally a great idea, you also need to use common sense while collecting it in public. If you are crossing the street in Times Square in New York City with hundreds of other people, it might not be a good idea to stop in the middle to pick up a dime because you could trip up other people and possibly get hurt yourself.<ref name="rf4">http://www.marketplace.org/topics/life/picking-loose-change-makes-sense</ref> |
#*Before you pick up change from the pavement, make sure it is a coin and not a broken piece of glass or other dangerous object. Getting an infected cut on your hand is not worth a nickel. | #*Before you pick up change from the pavement, make sure it is a coin and not a broken piece of glass or other dangerous object. Getting an infected cut on your hand is not worth a nickel. | ||
#*Make sure that you are not loitering or entering private property when you look for change. | #*Make sure that you are not loitering or entering private property when you look for change. | ||
===Cashing In On Your Change=== | ===Cashing In On Your Change=== | ||
#Take it to a coin sorting kiosk. The most convenient method for cashing in your change is to simply take your jar of coins to a machine that will sort the change for you and distribute your cash. These machines, like Coinstar, are usually found in grocery stores, malls and other retail locations. You simply pour the coins from your jar into the machine and it will then convert it into cash. | #Take it to a coin sorting kiosk. The most convenient method for cashing in your change is to simply take your jar of coins to a machine that will sort the change for you and distribute your cash. These machines, like Coinstar, are usually found in grocery stores, malls and other retail locations. You simply pour the coins from your jar into the machine and it will then convert it into cash. | ||
| − | #*The main downside to kiosks like Coinstar is that they take a significant cut of your cash in service fees -- roughly 9 cents to every dollar you have collected.<ref>http://www.dailyfinance.com/2010/02/23/savings-experiment-whats-the-best-way-to-turn-loose-change-int/</ref> | + | #*The main downside to kiosks like Coinstar is that they take a significant cut of your cash in service fees -- roughly 9 cents to every dollar you have collected.<ref name="rf5">http://www.dailyfinance.com/2010/02/23/savings-experiment-whats-the-best-way-to-turn-loose-change-int/</ref> |
#Roll your coins for your bank. Some banks will give you cash for loose change, but you have to sort the change into each category (pennies, nickels, dimes, quarters) before they will do this. You can get these rolled tubes from your bank, but you will have to take the time to sort and roll them yourself. | #Roll your coins for your bank. Some banks will give you cash for loose change, but you have to sort the change into each category (pennies, nickels, dimes, quarters) before they will do this. You can get these rolled tubes from your bank, but you will have to take the time to sort and roll them yourself. | ||
#*Be sure to check with your bank beforehand to make sure they will cash rolled coins from you. Some banks do not cash loose change. Other banks will accept rolled coins, but they will charge a fee to cash them. | #*Be sure to check with your bank beforehand to make sure they will cash rolled coins from you. Some banks do not cash loose change. Other banks will accept rolled coins, but they will charge a fee to cash them. | ||
| − | #Purchase your own coin sorting machine. If you don't want to sort all the nickels, dimes and pennies yourself, you can look into buying your own coin sorting machine, which generally cost between $25-$35. These machines will sort your coins and then put them into the appropriate roll for you to take to the bank.<ref | + | #Purchase your own coin sorting machine. If you don't want to sort all the nickels, dimes and pennies yourself, you can look into buying your own coin sorting machine, which generally cost between $25-$35. These machines will sort your coins and then put them into the appropriate roll for you to take to the bank.<ref name="rf5" /> |
#*You might not want to invest in this kind of machine when you are first starting to collect coins. If you only collect $15 in change in one year, it won't be worth even the price of the coin sorting machine. | #*You might not want to invest in this kind of machine when you are first starting to collect coins. If you only collect $15 in change in one year, it won't be worth even the price of the coin sorting machine. | ||
