Is It Better To Save Or Spend Your Loose Change?

July 29, 2019

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There is the thought process of you saving your spare change and cashing it in after some time on a reward, such as a vacation or shopping spree, but is it the best way for your money to work for you? Well it isn't a simple yes or no question. A financial advisor recently took up the question and documented the process. First, using a service like Coinstar which counts out your loose change, can result in a fee of up to 10% of your money!  So rolling your change yourself will eliminate that fee, but will take your time.  Also consider the years that money sits in your garage compared to sitting in a savings or CD bank account, in which it would be earning interest. So it comes down to knowing yourself and how financially disciplined you are when it comes to saving and spending.  If you are one to spend every penny in your checking and/or savings account between paychecks, saving your spare change is a really good way to save money.  When you do cash in your loose change, it can be a big boost to your plans!  But if you are more comfortable putting a little away in a savings account, it would be better for you to use that spare change instead of swiping your debit card.

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SOURCE: Two Cents

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