What To Do With All That Loose Change Jingling In Your Pocket

Jul 09, 2018

Do you have a lot of loose change in your pocket? Maybe you have some spare coins in your wallet or purse? Well, the best thing to know is that you can make those loose coins go far, making your cash stash valuable in the long here.

Here are some things to do with all that loose change jingling in your pocket.

Save, save, save!

We cannot stress this enough. Save your coins! Every penny saved adds up and can be useful further down the line. Get a money jar, piggy bank or a coin sorter and put all your loose change in there at the end of each day when you empty your pockets. Keep doing this and you’ll have enough saved for a rainy day. When it becomes a habit to save those coins rather than spend them, you can create a behavior modification that allows for a financial savvy mindset. After a while that money jar is full!

When saving loose change it’s important to monitor how much you’re putting away and how much money you’ve accumulated over time. From time to time, count your coins. Doing this will help you to see how much you’ve saved, plus it makes you much more accountable when put up to the challenge of putting money away.

Now what?

Fill it and cash it! Once you hit a certain point in the jar take your coins to the bank. Many banks will be able to provide you with coin wrappers so you can count and wrap them yourself to save on those coin counting fees at a machine. So, you saved, saved and saved, but what are you going to do with the money.

You can deposit the change into a savings account with a bank, credit union or any other type of financial institution to put towards a bigger purchase or just put in your traditional savings account. Or create the routine of saving all year and cashing in those coins for a summer holiday. Our tip to you, have a plan for the money to prevent impulsive spending. Knowing what you are saving for, even if it is for an emergency fund, creates the mindset that the money is spoken for, preventing you from spending it on superfluous goods.

Use those coins wisely

The loose coins in your pocket can come in handy - if you use them in the right way. It’s tempting to spend the coins but the best thing to do is to put them to good use. You can use the coins for important expenses, such as grocery shopping - the coins are good to use at the self-checkout tills - utility bills, commuting costs, and any other added expenses. The spare cash can certain help those important outgoings and unavoidable costs.

Instead of having them sit in a jar all year, use exact change. This prevents the accumulation of coinage in your pocket and allows you to think meticulously about how you shop and pay for goods, making you more mindful of spending habits.

Donate

Maybe it’s been a while since you last gave back, so take your spare change and donate to charity. You could give money to your local charity shop or to causes that you are passionate about, such as animal welfare, environmental issues and sustainability or child poverty. Use that change in donation boxes at cashiers and pay it forward.