Why you should NOT hoard your coins!

 Do you hoard your coins?

hoard your coins

I have to say I definitely have a fair few floating at the bottom of my bag but on the whole, I tend to get them spent as soon as I can. I prefer notes, to be honest, they don’t way down my purse and they make me feel richer.

Apparently, lots of people DO hoard though!

Coinstar®, a leader in self-service coin counting, can reveal that it’s not just clothes and furniture that Brits tend to hoard – it’s also unused coins. Coinstar’s statistics* show 63% of customers continue to save in piggy banks or jars at home.

I think that is rather lovely – I would always encourage savings as long as they do make sure they cash it in rather than just leaving it there.

There are some really interesting statistics around hoarding coins. Did you know millennials are more likely to try to spend loose change immediately (45%) whereas Generation X tend to hoard loose change and only 18% try to spend them immediately? Also recently the Treasury revealed there has been a decrease in the use of 1p and 2p coins.  Astonishingly six in 10 coppers are used only once before being hoarded THEN…a further 8% of those coins are thrown away!

Please don’t throw your money away.

 

The easiest way to un-hoard your coins

Rather than going to a bank and waiting in line and annoying EVERYONE! the easiest and quickest was to change up your coins is to take them to a Coinstar machine. There is one to be found in more than 1,900 supermarket locations across the country.

Nick Harris from Coinstar says:

“We all have jars of loose change at home, yet we don’t realise how much they’re actually worth. We’re encouraging customers to cash in and be in with a chance of doubling their money – ensuring those idle coins they’re holding on to can go towards a treat or donated to charity.“

 

Reasons to cash in now

Coinstar is encouraging the nation to declutter and trade in their loose change right now. When customers cash in their coins throughout May they will earn a chance to double their money in the Big Cash Clean Up. What’s the Big Cash Clean Up? I hear you ask.

Oh, it’s rather fabulous.

The promotion, running until 27th May, is just in time as Coinstar’s recent statistics show the average transaction value to be around £38. Customers trading in their piggy banks have a one in ten chance to double their money.

 

Visit Coinstar UK to find your local kiosk, head to the kiosk to cash in your coins, the machine will issue a voucher. Log on to Coinstar’s Big Cash Cleanup site here to enter the code on your voucher.

 

 

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1 Comment

  1. May 10, 2018 / 17:46

    Hi Becky, you’re so right about hoarding coins, almost everyone seems to have a jar (or two) where they throw their change and it soon adds up too. I thought I’d mention, because it doesn’t seem to be in your post, that Coinstar actually charge for processing coins, there is a 9.9% fee deducted from any money fed into the machines or they deduct 7% of the total if the money is donated to charity through their machines. I work in retail and our store has a machine which is very popular with customers. It’s only fair that coinstar are paid a fee, they are providing a service after all, but better if people know before using one of their machines and being surprised when they don’t receive all of the money they put in. This is a great post and a timely reminder, we have two jars in the kitchen almost entirely full with coins 🙂 I hope you’re enjoying today’s beautiful sunshine, hugs x

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