Hi there, a slightly drier Mrs. 1500 writing to you today. The rain is predicted to subside for the next 4 days, and temperatures are expected to climb, all of which will aid the mud removal effort in our yard.
Last week, I asked you what your financial goals were. Then it started raining, our gutters had just come off, so I played in the backyard, bailing water out of strategically placed plastic totes. Three trips to Home Depot for parts and finally our submergible pump started doing the work instead of me. So I didn’t respond to comments last week, but I will respond today, unless a dam breaks!
Rory from Welfare to Well Off had a couple of goals. First they wanted to be debt free, a goal they met in August! YAY Rory!!! Their next goal is to save $750K so they can be financially independent enough to not work. They want to have more children, and would like to be able to stay home or have a reduced work schedule with the new kids. Great goal Rory.
I have been able to stay home with the little 1500’s, and it has really been a blessing. The oldest is now in first grade. The youngest has a late birthday, so she won’t start school for two more years. Then when she is in school, Mr. 1500 can take time off and I can work. I have several ideas running around in my brain, waiting for the right time to implement them.
Retired by 40, surprisingly, has a goal to retire by the age of 40! Great goal. He is 22, and a more immediate goal is to be debt free, minus mortgages, within 5 years. He doesn’t really want to retire, he is an accountant and loves his job. So glad there are people like him. I had a job interview once, and the more they described the job, the more it sounded like an accountant position, something that does not play to my strengths. I even told them that it sounded like a large part of the job would be accounting duties, and if this was so, I was not the person for the job. They assured me the accounting portion was minimal, I took the job (which is how I met Mr. 1500 so it wasn’t all bad) and it turned out to be about 90% accounting. I didn’t last long at that job. I swear the accountant that was helping me changed his instructions every time I asked him questions. And it is completely possible to get a balance sheet to balance incorrectly. ARRGH!
Mrs. PoP from Planting our Pennies has the financial independence goal in a little more than 5 years, too. But she says they also have many smaller goals, since that big goal is so far out. This is an excellent point. Financial independence is a great goal, but when you start at the beginning, it can seem a long way off. Smaller goals are great to have, to help keep you on the path. Great point, Mrs. PoP!
Nick from A Young Pro wants to fund their next adoption. I think this is an awesome goal! My sister was adopted, and I cannot imagine life without her. She is the person who will raise the little 1500’s should anything happen to us. After the adoption is funded, he plans to max out the 401(k). Good luck, Nick!
Both E.M. from Journey to Saving and Amanda at Passionately Simple Life have student loans to pay off, then want to start saving furiously. E.M. has a dream of owning rental houses and possibly renovating to flip. This can be as involved or as simple as you want, E.M. So many people lack vision. They cannot see past the hideous paint colors, ugly carpet or bad bathroom tile. Painting a room is the simplest way to update it. Use quality paint, and you can get by with one or two coats. I used a really cheap paint in one house, and it literally took 5 coats to cover the old color. Never again. I now use Behr paint from Home Depot. Also, check out their Oops! paint section. These are mistake colors in all sizes and finishes. Make sure you use interior for interior jobs, and exterior for exterior jobs. Otherwise, their error is your savings. They go for around $5 a gallon. You can only choose from the colors they have there, but if you find several similar colors, or a couple that you want to mix together, they do sell giant 5-gallon buckets and lids for less than $5. You can watch tutorials on Youtube for almost any home repair or update.
So, now that everyone wants to achieve financial independence, we all know that means saving your money. But what about the little money? I am talking about coins. My purse is laden with coins, mostly those practically useless pennies. Do you spend or save your coins? I have vivid memories of both grandfathers having rattling pockets. My mother’s father saved his coins in mayonnaise jars in his dresser drawer. They lived down the road from Dairy Queen, and after dinner every night he would load his pockets with change from the jars and we would walk down and get a cone. (We lived thousands of miles away, so this wasn’t an every night of my life thing.)
I have alternated between saving my coins to turn into the bank for large sums of paper money, and spending it as I get it, so I don’t have to break the larger bills. It is easy to accumulate a jar filled with coins, and the grand total, after running it through the counting machine is rather surprising. But finding that counting machine at a bank is next to impossible. (A call to the customer service line at Chase Bank ended with them telling me they have no idea which branches have counting machines, and I would have to dial each one individually. Thanks for the awesome customer service, Chase!) Coinstar takes 10% off the top, unless you purchase a gift card with the coins. Amazon.com was a choice the last time we did this, so that was fine, because we purchase from Amazon all the time. But if you do not use any of the gift card options, you lose 10%. I call that highway robbery!
So, do you save it or spend it? How do you deal with your coins?
Join the 10s who have signed up already!
Subscribing will improve your life in incredible ways*.
*Only if your life is pretty bad to begin with.
Mrs. 1500 says
I have never rolled my coins, it seems like such a hassle. Althought it might be less of a hassle than trying to find a coin counting machine at a bank… I am not sure if I am ready to get rid of the penny. It is almost worthless, but 100 of them still make a dollar.
Alicia @ Financial Diffraction says
One cent is still the base-unit of the Canadian currency, and can be used for “electronic-type” purchases with debit and credit cards, but cash transactions are rounded (up or down) to $0.05. I imagine there are probably people out there that pay using different methods depending on the last digit of the total. $0.02 would add up if you did it consistently.
Also, those coin counting machines generally are either incorrect by a good amount of money (10% or so) and/or there is a large fee associated with using them. Try counting your money beforehand and then throwing it through the coin counter, and I bet you’ll have a total that is in the banks favour.
Alicia @ Financial Diffraction recently posted…I just paid cash for car repairs!
Mrs. 1500 says
I have always wondered that about those bank counters. I wouldn’t put it past them, because who would sit there and count $239.27 in coins?
Allie says
We put our excess coins in a jar, and when it gets full, we take it to Coinstar. We always just pick a gift card, as long as it’s one I know we’ll use. We do keep our quarters in a separate jar though, since hubs likes going to the car wash.
Allie recently posted…Take Me There: New York City
Mrs. 1500 says
When we lived in Chicago, we saved our quarters for the laundry machines. The totals from the coin counters were considerably less.
E.M. says
Glad to hear the rain is subsiding. As for last weeks discussion, my dad exclusively uses Behr paint and always has. He doesn’t like anything else! It’s so true paint makes a huge difference. When we repainted the house to prep it for sale even the real estate agent said it looked amazing. It can give the house a different feel.
Now for this week – I do save most of my coins, especially when my wallet is feeling too heavy. I learned this from my mom, who always saved her change in a huge jar. Sometimes I use coins if I don’t use my credit card (usually small purchases). I think the best part is seeing the amount go up on the coin counter. I used to love putting all my mom’s coins in for her.
E.M. recently posted…August Budget Review
Mrs. 1500 says
We received one of those coin-counting jars a few years ago for Christmas. It is fun to see the amount go up. But then you need a quarter…
anna says
Glad to hear the rain is starting to go away and that the family is safe! I’m the same as you when it comes to coins – save it up, go to Coinstar, and get an Amazon gift certificate. I tend to need new running shoes every 3-4 months, which is usually enough time to accumulate that much from coins!
anna recently posted…Are Biometrics Like Fingerprint Scanners for Passcodes a Safe Idea?
Mrs. 1500 says
Wow, new running shoes that often? I guess you really like to run. As for me, if you ever see me running, you should run, too. Something big is chasing me.
Mrs PoP @ Planting Our Pennies says
Tax is built into the price of the Sunday paper when you buy it from the corner machine which only takes change. If I have to walk to the store and use bills or cards, tax is extra and I pay an additional $.06. =).
So that’s where pretty much all of our change goes – the paper dispensers.
Mrs PoP @ Planting Our Pennies recently posted…Understand Your Goals AKA Car Chargers For Everyone!
Mrs. 1500 says
I have noticed that, too. How funny. Have you considered a subscription? It is much less when you subscribe. Plus then you only have to walk to the end of the driveway…
Mrs. Pop @ Planting Our Pennies says
In our area it’s actually more expensive to just subscribe to Sunday than it is to buy it each week. Ah well. =)
Mrs. Pop @ Planting Our Pennies recently posted…Understand Your Goals AKA Car Chargers For Everyone!
Blaze says
I just checked my wallet and I have zero coins and zero bills at the moment. I use my credit card for everything – love those flight miles! My husband still feels the need to carry at least a small amount of cash around, and any day when he breaks a bill, he dumps the change into a dish on his dresser. Eventually I deposit the change at the bank. I used to roll it, but recently our bank installed change counters in most branches. You swipe your bank debit card, dump in the coins and it deposits the total into your account. Easy peasy! Rolling was a bit of a pain so I used to pay my kids 10% to do it.
I do like to keep a little change in the house for sudden requests for field trip money for school. Our bank charges a stupid amount for checks so I avoid writing them whenever possible, especially for small amounts. (For fun I just went on the bank’s website and priced out having 100 checks printed. With tax and shipping it comes to $51.91 or 52 cents per check. Madness! And don’t ask me to mail a check! That would require me to find an envelope and go to the post office to pay for a stamp. Surely we can move beyond the financial stone age soon?
spiffi says
I need checks for ONE bill a month, and no way around it.
The last time I had to get checks, I priced a bunch of online places, and ended up ordering them through *walmart* of all places. A box of checks cost me about $5 if I recall correctly? (just checked – a single box of 150 checks is $6.96 for most designs)
Mrs. 1500 says
Costco sells checks, too. I think we got 200 or 400 for $14. Least expensive way I could find. I didn’t try Walmart, I cannot bring myself to shop there when there are other choices. (Another post for another day.)
Alicia @ Financial Diffraction says
I used to save it in a jar and then roll it for either the bank account, or in desperation (this was before I started getting my financial act together). Now, since Canada has done away with the penny I just try to spend it during my cash transactions so I can get at least a full dollar back (loonie). I’m a young version of those old ladies with a change-purse π
Alicia @ Financial Diffraction recently posted…I just paid cash for car repairs!
Done by Forty says
I’m glad to hear that the rain is starting to subside. We don’t deal in much cash any more, but the coins that we do have accumulate in a big jar by the foot of my desk, and a handful sits in the driver’s side door handle of the car, for when we need to pay a meter. π
Done by Forty recently posted…Is it Moral to Let a Sucker Keep His Money?
Mrs. 1500 says
I always try to restock the compartment in the car. It usually only ever has pennies in it.
Rory says
What coins? π I’ve used credit cards for every single transaction I possibly can for the past decade. I love, love, love my credit card rewards and every ‘coin’ I earn here is one coin closer to financial independence.
In truth, the few coins I do have get saved up in the glass jar by the washing machine. Despite trying not to spend cash, at least once a month some money ends up in there! My solution has been to pay my daughters allowance using this treasure-trove. I think she likes to hear it go ‘clink’ when she put the money in her piggy-bank.
Rory recently posted…Case Study β The Man Who Hated His Job (but refused to quit)
Mrs. 1500 says
That is a great point, Rory. I do use my credit card almost always. I rarely have cash in my purse, and rarely have small enough transactions to not justify a credit card. We are currently using a card that has transferrable points so we can get free nights in Hawaii when we go next year, flying free from a British Airways credit card. Love those credit card points!
Girl @ Retired By 40! says
Thanks for the mention and what a great post! I always love your ask the reader posts!
Girl @ Retired By 40! recently posted…Favorite Posts Roundup!
Mrs. 1500 says
Thanks! They are really fun for me, too. It started off that I truly wanted an opinion from like-minded people, because I was on the fence.
Mrs. 1500 says
Aah, those awful machines. When our oldest was about 3, she loved to walk past them, and describe what was in there. We recently purchased a grow your own grass kit from one. Haven’t grown our own grass, yet.
cj says
1500!!! Saving our coins and taking them to the credit union to be metamorphosed into bills is one of my very fave things – ever. It is an event at the Hoombah House!!! I think we have a BIG one saved up for our next trip. It is our Funny Money account. It can only be spent on fun. Have a nifty one!!!
cj recently posted…When Control is the Best Option
Mrs. 1500 says
When one could find a counting machine at every bank, it was delightful to take them in. Now that it requires multiple phone calls to try and find a branch with a counting machine, less so. I have started spending them as I go, but still find random coins about the house that go into the jar in the laundry room.
Ashley @ Saving Money in your Twenties says
I save coins in a piggy bank (yes seriously, it’s a pig) and then roll them myself. I use credit cards for 90% of my purchases so it does take quite awhile to get enough coins to roll. I deposit straight to my savings account- last time i did this (2 weeks ago, actually) I had $90 in coins. SWEET!
Ashley @ Saving Money in your Twenties recently posted…Books, Meatballs, and Broken Phones
Mrs. 1500 says
I am always surprised at how much money is saved up in those jars!
Janine @ MoneySmartGuides says
I’ve almost always spent my coins – it’s a funny game I play with myself when I’m in a store. I feel like I’m saving that dollar that I’ll get back instead of the change. Although, my boyfriend always saves his coins and it is a nice treat every few months to get that extra money, seemingly out of nowhere. I still like the immediate gratification of getting that “extra” dollar back in the store!
Janine @ MoneySmartGuides recently posted…Fast Food Workers Pay: How Much is Enough?
Mrs. 1500 says
YES! I feel that way, too. Change isn’t “real” money, so if you can use it instead of an extra paper dollar, you are somehow saving.
SavvyFinancialLatina says
As a kid, my brother and I would roll up the coins. I keep a piggy bank for any leftover change I find around the house. Hopefully one day, it’ll add up to something big! π
SavvyFinancialLatina recently posted…Donβt Go Into Debt For College
Mrs. 1500 says
It adds up quick. I used to save it and take it in about once a year. I treated it as free money, to do with as I pleased.
spiffi says
My friend has a treasure chest that he dumps his coins into every night – he empties his pockets. Every 4-5 years, he gathers it all up, and trades it in for a ton of cash – the last time, he ended up with about $800 – and he uses it as “fun” money on a big trip to pay for souvenirs and experiences in whatever location he goes to.
I save my coins, but I rarely use cash – I’m all about the debit card.
Mrs. 1500 says
Coins just don’t seem to be worth much, so saving them doesn’t hurt as much as saving paper dollars or actual amounts. It does add up quickly, though. Especially if you include quarters.
Elizabeth says
I don’t save anything above a quarter — ah, the joys of coin laundry! I do put nickels and dimes into a piggy bank, but I so seldom use cash that I don’t have much spare change.
Jane Savers @ Solving The Money Puzzle says
I used to spend mine so that I didn’t have to roll them but now my bank has a free coin counting machine so I am saving them in a giant pickle jar. I will not wait until it is full or I will need a wheelbarrow to get it to the bank. I am trying so hard to get out of debt so it will all go there.
Canada has $1 and $2 coins so I do spend those. Trying to live on a very tight budget has me counting out $10 in loonies and toonies at the gas bar to get me through the week.
Jane Savers @ Solving The Money Puzzle recently posted…Do You Remember The Bills You Have To Pay and Money Quickies For September 16, 2013
Amanda @ Passionately Simple Life says
This brings me back to my childhood when I would spend months collecting every coin I could find. Then I would bring out all my piggy banks (yes multiple!) on a rainy day, and roll up my change to bring to the bank. It was so much fun being able to spend the day counting my loot and getting more little rolls to fill up for next time!
Amanda @ Passionately Simple Life recently posted…Sunday Thoughts and Reminisces
TreeWeezel says
1. Don’t use cash, use cards. Randomly alternating between cash/card is like being trapped in time in the year 2000, in limbo between digital and analog worlds. Exception: you have a wad of cash from CList.
2. Buy sodas! Yes you can buy 3x as many sodas at Walmart than the vending machine. But you will drink 6x as many sodas when you buy in bulk and take one to work every day, so you come out ahead with the vending machine. And more importantly, you drank less soda!
julia @ howmuchcost.org says
Honestly, I think putting loose change in a jar is a great way to save some money however these days I don’t use actually dollars. I just use my credit card or debit card. However my bank (Bank of America) has a “keep-the-change” program and so any loose change in my account they transfer to my savings account. It’s ends up being quite a chunk of change at the end of a year. Also that’s a good tip on checks. I didn’t know Costco printed them. I’m gonna check that out. Thanks!
julia @ howmuchcost.org recently posted…How Much Do Greeting Cards Cost?