Dealing With Loose Change

It is an important milestone in every child’s life when they receive their first piggy bank, but why stop using one when you reach to an adult? Whilst having savings in your bank is the best place for it, saving the loose change at home will quickly add up enabling for an occasional treat.

Saving your money, and learning the value of the money you have, is a vital step as you grow up, the excitement you get from buying your first sweet’s with your own money can live with you for ever. This excitement for money can be lost as the child grows. No longer are they eagerly counting what money they have, they have come to learn about society and the desires of credit and pressuring parents for more than what they can afford.

Going back to the innocence and excitement of money isn’t going to happen unless you instil a desire to save; it is not so much about the big amounts of money but the change in your pocket, this over time will grow into the larger amounts that can be used to purchase the treats.

How often do you go into shops and if it is a penny change and the customer says to the assistant not to worry about the change? This money adds up, the companies assume it as theirs, it seldom goes into a charity collection or even taken home. What is interesting is the average amount of loose change in households is as much as £50, I think this is over estimated but if you went round and collected all the loose change will it buy at least a little treat for your family?

There are novelty money boxes that you can buy to store this loose change, but even a clean coffee jar will work fine, it will hold the change in your pockets until you have saved enough to change it at the bank.

Changing your loose change

Many people are unsure about how to change their coins into easy-to-use cash. Don’t use the coin counting machines you find in supermarkets, they charge you a commission for counting your money.

Collect some money bags from your bank and ask their conditions for changing the coins, some will only allow a certain number of bags at a time, and others insist you pay it in to your account.

If you are unsure of your counting skills, a little tip I picked up in the banking industry, £1 bag of 2ps and 1ps weigh the same, so weigh your bags and see if there are any that are too heavy or too light in comparison to the others you have. If you have young helpers, weigh the bags to check they have counted correctly.

It is surprising how quickly loose change can build, discuss with your family what you will use the change for when you have collected an amount.

Therefore, don’t leave piggy banks for the children, ensure you save your loose change too; it can pay for a treat or two.