Turn Your Spare Change Into Cash: 5 Quick Hacks To Try Today
Why not turn your spare change into cash when you’re short on cash? All you need is a coin jar and a little patience. Over time, your coins will add up, and you’ll have an extra source of income to tap into when you need it. Plus, it’s a great way to save money without feeling like you’re depriving yourself.
Most people do not know that spare change can come in handy during rainy days. You most likely have a change jar somewhere in your house, collecting dust and not knowing that the spare change could be worth some serious cash.
Additionally, banks charge huge fees for converting your change into paper money. The average fee is about 10%, which can eat your profits if you’re not careful. Hence, most people look for hacks to change their spare change to cash.
Effective Hacks To Turn Spare Change Into Cash
Now that you know the essence of how valuable spare change can be and the hidden wealth simply by turning it to cash. Here’s your detailed explanation of the hacks to try today:
Deposit it in Your Savings Account
Your savings account is a great place to store your spare change. It’s safe and easy, and you’ll earn interest on your coins. Just be sure to deposit your coins regularly, so they don’t add up and become a nuisance.
A great plan would be to deposit your coins once a week or once a month. This way, you won’t have to think about it and still earn interest on your savings.
At the bank, most tellers have a tube where you can deposit your coins. The banker will count the coins and deposit them into your savings account.
So, the next time you have some spare change, don’t let it collect in a jar – deposit it into your savings account and watch your money grow!
Take It To A Coin-Counting Machine
Did you know that machines will count your coins for you? They can be found in some banks and stores; you only need to dump your coins into the machine, which will count the spare change and give you the total.
The great thing about these machines is that they’re usually free to use. That means all of your coins go straight into your pocket.
Some machines even allow you to convert coins into cash or store credit. So, if you’re ever in a pinch and need some quick cash, head to your nearest coin-counting machine and turn those coins into cash!
The process is simple and easy. You only need to locate a coin-counting machine near you and follow the on-screen instructions. All those heavy coins now will be easy to manage bills that you can use anywhere without getting “the look” when you pull out a bag of coins to pay.
Bonus topic: How To Budget For Busy People. 4 Different Methods
Use It While You’re Out
If you’re out and about and need some quick cash, why not use your spare change? There are a few ways to do this. Let’s check out some fancy ways to pay using your spare change.
Use the coins to pay for parking meters
You’ll be surprised how quickly your coins add up when paying for parking meters. If you’re running errands or meeting someone for lunch, use your spare change to pay for parking. It’ll save you time and money in the long run. It is an excellent way of getting rid of those coins that have been sitting in your car’s cup holder for months!
Buy coffee with the coins
When you’re at a coffee shop and need some caffeine to get through the day, use your spare change to pay for it. Most coffee shops have a coin jar on the counter, so drop your coins in and grab your coffee. It’s a great way to eliminate those pesky coins and get your caffeine fix!
Treat yourself to a snack
If you’re out and need a little pick-me-up, use your spare change to treat yourself to a snack. Most vending machines accept coins, so drop your spare change in and make your selection. What an easy way to grab a snack and get rid of some of those pesky coins.
Buy something small with your coins
Use your spare change at a store to buy something small, you deserve it! Most stores have the policy to accept coins for purchases under a certain amount. So, if you need to buy a pack of gum or a newspaper, use your spare change and save yourself some time.
Tip your server with coins
Tips are always appreciated, and what better way to give a tip than with your spare change? Next time you’re out for dinner or drinks, use your coins to leave a tip for your server. They’ll be sure to appreciate it!
Use it at the Laundromat
If you’re running low on quarters, why not use your spare change to pay for your laundry? Most laundromats have a slot where you can insert coins. Drop your coins in and let the machine do its job. It’s a great way to get rid of those extra coins and get your clothes clean at the same time!
At the Laundromat, you can also use your spare change to buy laundry detergent, fabric softener, or dryer sheets. Most vending machines at laundromats accept coins, so drop your coins in and make your selection.
Donate To Charity
A great way to get rid of some of your coins is to donate to charity. Many organizations accept coins as donations. Drop your coins in the donation jar, and you’re good!
Not only is this a great way to get rid of your extra coins, but it’s also a great way to give back to the community. So, next time you’re looking to get rid of your spare change, consider donating it to charity.
Frequently Asked Questions:
Do ATMs accept coins for deposit?
No, ATMs do not accept coins for deposit. However, you can use a coin-counting machine to convert your coins into cash. Once you have the cash, you can deposit it into your account at an ATM.
Can you exchange wrapped coins for cash if you don’t want to deposit the spare change into your account?
Yes, you can exchange wrapped coins for cash. Most banks have a coin-counting machine that will count your coins and exchange the coins for cash. However, there is usually a fee associated with this service. The process entails the customer dumping their coins into the coin-counter, which then sorts and counts the money. Once that’s done, the machine will dispense cash to the customer. The fee is generally a percentage of the total amount counted.
What is the maximum amount you can put in a Coinstar machine?
The Coinstar machine has a maximum capacity of $500 worth of coins. If you have more, you will need to take your coins to a bank or credit union to exchange the coins for cash.
There is an 11.9% fee for using a Coinstar machine. This fee is applied to the total amount of money the machine counts. For example, if you have $100 worth of coins, the fee would be $11.90.
In Summary
Coins can be a nuisance, but they don’t have to be! There are plenty of ways to get rid of your spare change. Whether you use it to buy a snack, donate to charity, or do your laundry, there’s a way for everyone to get rid of their coins. So, remember these tips next time you’re looking to get rid of your spare change!
