Cashing in Change

A lot of us have several pieces of spare change lying around in jars and being collected in piggy banks. A good number of them have been accumulated in many couch cushions. However, seven thousand dollars worth of coins is a different matter. Such is the case of Clark Pellington, whose family had ended up accumulating so many coins in the past half decade. This is a windfall from the little transactions of life – from change that comes from the cup of java one buys on his way to work, as well as the few dimes one can bring home after passing through the toll booth. Clark Pellington, a forty six year old financial services expert says he brings home pennies everyday – pennies that land in his pocket.

Teaching the Kids a Valuable Financial Lesson

Clark Pellington has two children who are also in the habit of saving, thanks to their dad who taught them early on. He has a nine year old son as well as a five year old daughter, and the two of them had split the entire proceeds of their family’s coin stash. However, they are not going to blow it on mere candies or toys. Every month, the children get their piggy bank and go with their parents to the Penny Arcade machine at their local bank. Each of them gets a penny return for their coin exchanges. The money they make will go into their savings accounts. Whenever the account hits one thousand dollars, they will then move the money into deposit certificates that have a higher interest rate compared to savings accounts. For them, it is a good way to add to savings funds as well as teach financial lessons. In a matter of years, the children will learn the meaning and significance of compound interest. While many parents put away a lot of money for their kids – but if the children do not know how to manage their money and then save it, then the effort would have failed.

Rainy Days are Here (to Stay)

Such is an opportunity which a lot of parents can start taking advantage of. This is because according to statistics, the average household in the United States will have around ninety dollars worth of cash just sitting around. A lot of these people hold on to their coin stashes for several years and then get them once the rainy day arrives. For a lot of people, however, their rainy days are here – which is the recession. If you do turn in your coins, you should not expect to get a totally even exchange. It usually depends on just how much you want to pay for the convenience of it.