When it comes to personal finance, one the most talked about aspects of it is eliminating unnecessary fees. One thing is true though, that it’s hard to get the best of both worlds; value and savings. In most cases you get one or the other, while in rare instances you can get both the value and saving rolled into one. If you read any of my previous posts on savings, you would know the different ways that I save money. About a year ago, I adopted the concept of putting away my loose change into a jar. Rather than keeping it in my car and blowing it on coffee at Tim Horton’s, I decided to start collecting loose change.
Anytime I shop with cash and the change I get in return goes into this jar. This includes loonies, twoonies, quarters, nickles, dimes and pennies. Every few months I take the collected change and head to my local grocery store to feed the green monster. That’s right, the green monster I call it. Green monster is basically this gigantic machine, that takes all your change, counts it up (in less than 5 minutes) and in exchange gives you a receipt totaling the change you put in. You than take the receipt to any cash register and exchange it for cash in dollar bills. Pretty easy, huh?
Not so much. Like anything, there is a price to pay. I pay 10.9 cents per every dollar that the green monster processes. In this instance I exchanged $102 worth of change and paid $11.12 for the service. Sounds like a lot, but for $11.12 my time is more precious. Counting the coins and sorting them would have taken me roughly 1.5 hours. If I break down the fee of $11.12 over 1.5 hours, my hourly rate would equate to $7.41 per hour. Surely my hourly rate is worth much more than that. I wouldn’t even be making the mandatory minimum wage of $10.25.
So, after all is said and done, my time is worth much more than a $7.41 hourly rate. I rather enjoy treating my self to a lunch (which is exactly what I did) and the drive to the bank to deposit my saved changed that I accumulated for the past 72 days into my savings only account. Call me selfish and insane, but I think I said somewhere above that it’s pretty hard to get savings and value rolled into one.