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I think it's a great idea to save it in that way. I mostly use plastic to pay and we don't have a bottle bill here (I don't buy soda anyway) so no real mechanism of accumulating all that much in the way of coins.
I should go around the house to gather up what we do have and trade it in at a Coinstar for an Amazon giftcard or something though. It might take me a few years to come up with $25 though! lol!
I collect all but the quarters in a growler and when it's filled I make a production out of going with my grandkids to the Coinstar and getting the cash. They love watching the number go up while listening to the coins trickle into the machine. Then we go wherever they want to spend the money.
The quarters we put in used M&M tubes to take with us to play darts.
My credit cards give me $40-50 every single month, why would I save up change and then waste time and gas driving to the bank with coins when doing it from the comfort of my home puts me well ahead of you change savers? It's like this thread was made in 1992.
I don't spend enough on CC to even get $0.02 back.
I also won't pay bills-that is the ones that will take plastic that isn't a debit card- via cc, as it won't still bring me $40-50/ month.
Besides people don't get that all that cash back you get not only do YOU pay for , but we who DON'T use plastic to pay for everything do too.
We should get a cash discount for using cash instead of plastic. Cash can't be challenged.
I've had my CC s compromised about 10 times, and had my ckg account drained more than once via my debit card info and sheister auto deduction payments, so plastic isn't as secure as cash...
But if 1992 works for you fine.
Perhaps I have given food for thought for those who do use cash. Or have bottles to return.
I will be richer in retirement for it....do you invest you $40-50 for YOUR retirement?
I don't spend enough on CC to even get $0.02 back.
I also won't pay bills-that is the ones that will take plastic that isn't a debit card- via cc, as it won't still bring me $40-50/ month.
Besides people don't get that all that cash back you get not only do YOU pay for , but we who DON'T use plastic to pay for everything do too.
We should get a cash discount for using cash instead of plastic. Cash can't be challenged.
I've had my CC s compromised about 10 times, and had my ckg account drained more than once via my debit card info and sheister auto deduction payments, so plastic isn't as secure as cash...
But if 1992 works for you fine.
Perhaps I have given food for thought for those who do use cash. Or have bottles to return.
I will be richer in retirement for it....do you invest you $40-50 for YOUR retirement?
No, I invest far more than $50 a month for my retirement, I'm lapping you several times. I don't pay a single penny for my cash back, hence me stating that it is free money being given to me by the companies. It sounds like you practice terrible money management if your accounts are continuously compromised. I pay all of my bills and expenditures on a card, I have an account with two banks and have credit cards with four companies. Yet given all of that and my 15 years of paying my bills with my cards, I have not had a single dollar stolen from my account, not a single dollar. You also seem bad at calculating simple math; for example.
All things being equal and our monthly expenditures being equal at say $950 a month.
You:
Your monthly expenditures are $950 but because you pay with cash MORE than the total of your regular bills (why you get change back) you end up with $50 in change at the end of the month, but that's still your money. So your monthly expenditure is now $1,000. You invest that $50 and think you're coming out ahead.
Me:
My monthly expenditures are $950, I pay all of them with a card that gives me 2% back (not calculating the periodic 5% categories or the 3% I get back on my groceries and gas station purchases). At the end of the month my expenditures are now $931 because my credit card has given me $19 for free, yes free.
You invest $50, I can invest $69. That difference of $19 a month equates to $228 a year, invested at 5% over the course of 10 years I come out $3,382.54 ahead, thousands of dollars ahead. You have literally no argument here.
No, I invest far more than $50 a month for my retirement, I'm lapping you several times. I don't pay a single penny for my cash back, hence me stating that it is free money being given to me by the companies. It sounds like you practice terrible money management if your accounts are continuously compromised. I pay all of my bills and expenditures on a card, I have an account with two banks and have credit cards with four companies. Yet given all of that and my 15 years of paying my bills with my cards, I have not had a single dollar stolen from my account, not a single dollar. You also seem bad at calculating simple math; for example.
All things being equal and our monthly expenditures being equal at say $950 a month.
You:
Your monthly expenditures are $950 but because you pay with cash MORE than the total of your regular bills (why you get change back) you end up with $50 in change at the end of the month, but that's still your money. So your monthly expenditure is now $1,000. You invest that $50 and think you're coming out ahead.
Me:
My monthly expenditures are $950, I pay all of them with a card that gives me 2% back (not calculating the periodic 5% categories or the 3% I get back on my groceries and gas station purchases). At the end of the month my expenditures are now $931 because my credit card has given me $19 for free, yes free.
You invest $50, I can invest $69. That difference of $19 a month equates to $228 a year, invested at 5% over the course of 10 years I come out $3,382.54 ahead, literally thousands of dollars ahead. You have literally no argument here.
The only thing missing from your posts is the dust settling around the high horse you rode in on.
I posted a thread about a CD (Certificate of Deposit) and I noted that my local Credit Union has a Saver's CD program where one can put increments of $25 up to $250 in and even though it rolls over automatically each year, gives 5 year CD return rates.
I also collect my loose change from breaking bills in a large soccer ball "piggy bank" and when it's filled, I cash it in at the credit union and, in $25 increments, add it to the Saver's CD program.
I do the same with bottle deposit return money (we have a $0.05 bottle deposit here in my state).
Both do add up, though maybe not exactly to $25 or even $50 EVERY month, but when I do have at least $25 in my hot little hands I add it to the Saver's CD.
Where else can you open a CD for only $25?
It's a way to make my change money work harder for my future retirement instead of being frittered away.
I know I can take a bottle return slip to the cashier and get cents or dollars off my next purchase, but I like adding it to my future, whereas taking money off my bill doesn't guarantee I will save the difference, it tends to get forgotten.
(those of you who plastic pay for everything, need not reply unless you get bottle deposit money back or get cash Change)
So, what do you do with your change?
Bottle return money?
Does it go to work for you or does it get absorbed into everyday expenses?
If this is money for retirement, why would you want to put in a CD? Invest it so that it has a chance of growing, rather than putting it someplace where it is guaranteed to lose ground to inflation year after year.
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