Five Things To Do With Loose Change
Updated: Mar 19, 2020
The following is an article “Five Things To Do With Loose Change” by Marc Primo.
Whether you consider loose change a nuisance or a blessing, the fact remains that many people don’t know what to do with it. In this day and age where paper money itself is used less often, and digital payments are on the rise, why do coins still exist in the first place?
How to put your loose change to good use
The following are practical suggestions on what to do with your coins before they get too heavy in your pocket and make holes in them:
Donate to charity — There’s a scene in one of Eddie Murphy’s classics Coming to America where donations are requested with the line, “We're happy to get the kind of money that jingles, but we'd rather get the kind that folds”. While this might be even more relevant today where coins have little value, it does serve as a timely reminder that they still have worth. During your free time, gather all your loose change and bundle them together so that they amount to more. You could simply use adhesive tape to stick 20 quarters together to easily and conveniently donate $5 to a homeless person.
Leave it in your vehicle — It’s almost impossible to drive from A to B without having to make small payments along the way. Whether it’s for toll or a parking meter, leaving loose change in your vehicle will save you the trouble of scrounging around for coins when you need them most, or having to break bigger bills unnecessarily. Just make sure you leave it concealed and away from prying eyes, such as hidden in the center console or glove compartment, to avoid the risk of theft.
Start savings for your little ones — It’s never too early to teach your child the value of money and what better way to do it than through a good old fashioned piggy bank? Get them started by giving them an empty one, then deposit whatever loose change you have in it while explaining to them that they should do the same with a portion of their allowance. As they get older, you might suggest that you will add to the piggy bank when they help around the house through chores of their own.
Treat fund — Whether you consider the occasional bottle of vino or pack of smokes a special treat, use the loose change to set up a fund for your vice, and stick to it. With discipline, you’ll be able to control your consumption to the point that it becomes more of an earned treat than a vice, while saving “the money that folds” for life’s essentials.
Holiday season fund — Last but not least, Christmas is just around the corner. Since it only comes around once a year, creating a gift fund that accumulates throughout the 365 days of the year is a practical way to ensure you have extra funds to make sure everyone from grandpa and grandma down to the family pet have something to open under the Christmas tree come December 25, 2019.