Turning your Coins into Cash


Photo Credit: Pixabay

Last year, around October (2017), I accumulated $20 in silver coins; thats when a bell went off. To be specific, I decided to cash in the coins and build up my bank balance. With that being said, I had no idea that silver coins could be turned into cash. My story is below.



My Mistake

After my first "dump" (the term I use for cashing in my silver coins) I was hooked. I decided that I would continue doing this and see what happpens. So, I saved my coins for the next two months. I set a goal of doing $20 "dumps".  However, I started spending my silver coins and ruining my plan. To fix this, I lowered the amount to $10 and set a goal of one dump per month.



Now

Since the beginning of the year, I have cashed in my silver coins four time, and I and not that far from my fifth dump. The dollar amount I have put in the bank is $44. If I stay on track, I will do at least $120 in silver coins. SN: That is not to bad for collecting coins.



What I going to do with the extra Cash

For now, I am putting my silver coins in my bank account. but I plan to do something with that extra money.  Something that will help me grow financially, besides a growing bank balance. A few options are listed below:



1. Certificate of Deposit (CD)

At TD Bank, I can start a CD for $250. If meet my goal of cashing in my silver coins every month, I will be able to start my CD next summer.



2. Pay down Debt

I know many of you may think I am crazy, but I may use the extra cash to pay down an overdue bill. It is not much, but this will help me reduce debt and boost my credit score.



3. Start-up Money

Last but not least, I may use the silver coins for start up cost for a business. If you ask any aspiring business owners, any extra seed money is welcolmed.



I would like to close this post by urging you to save your silver coins. One would be surprised by what you could do with the extra money you save.





I will update this post regularly, come back and see my progress.




Comments