Finally Cashing in that Coin Jar

When I was young, my parents had an empty water cooler bottle that they would use to collect coins. We would save all year then turn the coins in to a local counter machine to use on our annual family vacation. I still remember the excitement we had at learning how much we saved. The purpose of it was to have disposable cash on-hand. This isn't a bad thing, but since we spent it readily, I did not equate this simple method as a way to generate any long-term savings. Now that I'm in charge of my family's finances, I take a slightly different approach.

The coin jar above followed us through three moves, but has rarely been full enough to empty. When living in the city, I avoided picking up change from subway platforms. Better to leave that quarter near the puddle of unknown sludge. Whenever I broke a bill and made change, I quickly found ways to spend get rid of it because it was easier to swipe my credit card than fumble through a wallet in a crowded area. Better to leave the spare cash in a tip jar than carry around annoying pennies. It's better than getting robbed because someone saw a flash of a $20 and thought you were rolling in it, but failed to realize that's the first Andrew Jackson you've seen all month. Amirite?

This mindset was wasteful. 

Over the past year, I made a concentrated effort to liberate coins from our couch cushions, rescue dropped dimes from under the car floor mat, and empty pennies from seldom used handbags and wallets. My life is more settled now. Change has a way of floating around more easily and getting found.

Better to save it.

Personally, I don't use third-party coin counter machines at local grocery stores. They take a fairly hefty percentage of your earnings, sometimes as much as 5% or more. Instead, I cash in at my local bank branch, despite wariness over any of their more "official" machines shortchanging clients. The only foolproof method would be to fill your own coin roll wrappers. I have not gone that far yet.

Let me say that the bank teller who assisted me was very detail-oriented. She snagged a loose button, zipper pull, and some random string bits from the jar as she poured the change in to the coin sorter. She was lightning fast. During that process, my husband asked how much we collected. 

My guess: $178.00

Actual...

How I Paid for College and Graduate School

For cold, hard cash
To get by, I split my free time between two federal work-study jobs on campus. For a couple winters I worked at yet another work-study job; I stayed in the dorm then and paid for groceries. This pretty much consisted of canned soup, crackers, PB&J sandwiches, and apples. College students have eaten worse. During the winter and summer breaks off-campus, I worked seasonally as a server in a small family-owned restaurant in my hometown. I started at 6 am and left in the early evening.

I made and saved money for textbooks by selling and buying them on eBay and Half.com. Amazon and Chegg weren't as popular then. Portable smartphones and tablets didn't exist in the early 2000's either; ebooks weren't much of a thought. All of the textbooks I sold back weren't originally mine either. Other students would trash their old books at the end of each semester. Appalled, I would liberate these from the residential garbage rooms and re-sell them online for a better profit than the school bookstore offered.

For housing
In freshman and sophomore year, I lived in the dorms, courtesy of student loans. I was convinced that I had to get away from where I was from in order to really mature and develop into a well-adjusted adult. I was right. As an upperclassman, I was selected as a resident assistant, which paid for room & board including meals for my remaining time in college. This greatly reduced my debt burden and worry. Until securing that position, I nearly transferred to a 4-year public school back home.

For tuition & fees
I was able to attend a small private college because they offered me a scholarship that made most in-state schools (with room & board) equally priced. The decision to live on campus was entirely my own, and I knew the ramifications of that choice.

In the end, I paid for school with a combination of merit aid, institutional grants, endowments, outside scholarships and roughly $80K in student loans (Stafford, Perkins, and private). I brought in a few course credits earned through AP courses, took a couple extra classes during an academic year, and successfully appealed to my dean to approve an independent study that fulfilled my final graduation requirements. I graduated a semester early as a double major with honors, with enough work experience and internships under my belt to get hired during the Recession. I turned down one job in favor of another organization that paid for my Master's degree and a post-graduate certificate while I worked full-time. I took out another student loan during my probationary period, using the excess to pay down an earlier loan with a much higher interest rate. I graduated early with honors a second time.

What I learned

• Having a bank account is important. I never had one growing up, and opened my first checking/savings at 17 years old. Then, I brought my sister with me and had her open one too. This was my first positive experience with sharing financial knowledge, and it felt great.
• How to make a finite amount of resources last. Getting into this habit helped me when I graduated and my first paycheck burned a hole in my pocket. It was so much more money than I was used to having at once, but not nearly enough after taxes and paying bills each month.
• Instead of splurging on drinks and fun with friends every week, I stayed in most evenings and ramped up my savings so I would have something to fall back on after graduation. When I wasn't at a student club meeting or campus event, I worked. Some of my friendships suffered for it, but my savings account thanked me. I also kept a minimal spending budget that allowed me to see them occasionally and feel "normal". 
• I took advantage of the campus meal plan and rarely ate off-campus. The food wasn't always delicious, but it was edible. People who complained must have been living with Michelin chefs previously.
• How to advocate for myself to maximize my financial aid and reduce my tuition costs. In theory, great. In practice, it didn't always work or wasn't always warranted. I was respectful and understanding about the review though, whether in my favor or not. For example, I once sent a thank you email to a college administrator who explained why I did not qualify for a refund check my parent believed I was owed.  She gave me a free lesson in managing finances and didn't even know it.
•  About student loans: A whole slew of lessons here, the most important points being to only borrow what you need, read through that promissory note carefully (and retain a copy of it), keep a close watch over account details with your loan servicer, and use a repayment calculator- before borrowing and regularly after.

What I would do differently:

• Factor in-state grants into the overall cost for college. I studied out-of-state and only received a denial letter from the state agency on the basis of my college's location; I cannot recall whether I would have qualified otherwise, but now I wonder.
• Attend the small private college anyway after asking for additional aid consideration. I wasn't greedy, and felt awkward and embarrassed to say, "Hey, I want to attend, but could use some more assistance. Do I qualify for anything more?" There is no shame in asking.
• Worked more hours in my freshman year. Most incoming students average about 5-6 hours. I could have picked up a few more, though I do not relish the memory of taking inventory for loaned athletic equipment that first semester. I became good at stacking soccer balls though.
• Hug my cosigner. I mean, I did, but I feel the need to again. I'm going to grapple 'em in a big warm hug the next time I see them.
• Spent less in New York City by taking advantage of more free things to do.
• Cried less and reassured myself more. It was incredibly difficult to support myself, but rewarding and self-affirming. I would not have the same confidence had I chosen an easier path. Life isn't fair. College education isn't free. Yes, it's expensive and certain choices I made helped increase the price tag, while others lessened it. I don't blame anyone else for the student loan debt I took on though. That was all me.