What is always in your pocket? Keys, change, and fuzz? Do not lose your keys; throw away the pocket lint, but what to do with that loose change!? Everyone has his or her own strategy on this. I am guessing most of us either spend it or save it. Using change instead of breaking large bills is always a good strategy because larger bills tend to stay in your wallet longer; they just feel less ‘disposable.’ Spending is easy, let us talk about saving.
For most of us loose change probably ends up in some sort of a jar, some people pile it on a table or in a drawer, or others keep it in their car. It does not really matter as long as it is kept somewhere. It is what you do with if it after this point that matters… At some point, the amount of change is going to fill the container or fill all your cup holders and a decision will need to be made on what to do with it. Here are a few ideas!
- Deposit it in the bank – adding your change to your savings account is a great way to give your savings that extra boost. Best of all that savings can be for emergencies, vacation, a new car, the options are limitless…
- Turn it into cash – Use your bank or the local Coinstar machine to get yourself some cash to reward yourself with a nice night out or to pickup that new pair of shoes you have been eyeing.
- Savings Bonds – A safe and secure investment opportunity.
- Donate it – Donating to charity is tax deductible and great for your karma!
Do not forget to check your change pile for rare or interesting coins… Sometimes you get lucky and stumble across something truly special.
Finally, for those of you who rely on plastic you can still save your virtual loose change. On the night before payday look at your balance (hypothetically your ‘leftovers’ from the previous month) and shift that money into savings or use it as an extra payment towards your debit debt. Then the following day when your check comes in start fresh and help keep yourself from making unnecessary purchases.