How to do so.
When you think about the amount of spare change that you have in your purse, what do you do with it? Do you put it in charity tins? Tell the cashier that they can keep the change? Well you might actually be giving away more money than you think over the course of your life time. If you save the money instead then you might find that you are able to get a lot more than you initially thought you would.
The first thing that you have to remember is that no matter how small, there is always something that you’re going to need money for in the future. There are coin counters at supermarkets which allow you to put in your spare change and then gives you a voucher to spend in store, however machines such as these usually charge a small fee per pound, which would add up to a lot of money if you put in several pounds of change at the same time.
You should have a pot in your bedroom where you put all of your spare change. Put it somewhere that you can see so that you don’t forget to put your change in there. If you keep your money in a purse, then you should empty your change out of it at the end of every week. It is entirely up to you how much of money you want to put in the box. You can just save copper coins, or you can have slightly higher value coins in there too, it is up to you. You should avoid all temptation to count the money often, because then you might feel downhearted as it might not feel as though the money is rising as quickly as you might have hoped. Ideally, you should count this only once per year. If you want to, you could count it at the beginning of December so that you could have some spare money with which to buy your Christmas presents with. We usually find that we’re a little bit short on money for presents and things like that near to Christmas time, so it would be great to be able to have a little bit of extra cash to go with the money that you had saved for presents during the course of the rest of the year.
From your bank, you should be able to get bags in which you can place coins. You cannot mix coins and you have to put specific amounts into the bags, but it more than worth doing it if you get the chance to do so. Take them to the bank, and they will then add the money to your account. You can then spend it on whatever you like. Last year, I had £50 in loose change when I counted the money that had accumulated in my box, which was a couple of Christmas presents sorted and out of the way. Imagine if you had carried on throwing away this change; you would have been £50 down at this point! Would you throw £50 in a bin on its own? I didn’t think so.
Published in: Personal Finance