Nowadays, most people don’t seem to remember that pounds are usually made up of many pennies. Those pennies that you throw away each day can accumulate to a colossal amount someday and can assist you in paying for a vacation you have been longing for, pay for a long-standing debt, get you through an emergency or a desperate situation, or even use it to purchase a unique piece of jewellery.
One thing you should know about loose change is that they undoubtedly get lost if not stored appropriately. If you leave the coins just anywhere in the house or inside your clothes, you will not realise how significant they are since they will keep disappearing on you. Several pennies may not be adequate to do what you want today, but how about in a few months or years to come?
According to Jeffrey Schwartz, a renowned financial expert, keeping the loose change might not seem crucial today, but it will eventually prove beneficial in the long term. In this understanding, it is significant that you become knowledgeable on how to save your loose change. The following are some of the simple techniques and tips to help you in keeping the loose change.
Use a Piggy Bank
Place a real piggy bank in those places where your loose change tends to show up: in the car, in the kitchen, besides the clothes dryer, or in your bedroom. This way, once you go home after your day and you empty your purse or pockets, you will have an allocated place for saving your loose change. When you get to the end of the month, you can deposit the money into your savings account.
You can also buy a rectangular money box also known as a cash box to save your loose changes. Each time you use cash to purchase items such as snacks, coffee, newspapers, or pay parking fee, you will always have loose change. If you are utilising cash payment, ensure that you place the loose changes you get in your money box. Alternatively, if you are using your credit card to pay for these small purchases, you should round off every payment to the nearest pound and then transfer the outstanding amount in your savings account. There are some smart apps available which assist you to round up your day to day expenses and puts your spare change into stocks or shares.
Open a Certificate of Deposit or a Money Market Account
After accumulating your loose change ensure that you put it into work. You can deposit in a high-profit savings account such as money market or certificate of deposit. These accounts are easy to open, and they will earn you interest to enable you to save even more.
Pennies are readily forgotten or lost because most people think they are not significant or valuable. In fact, one or two pennies may appear insignificant to you but what about 1,000, 5,000 or 10,000 pennies? You should look for something to encourage or motivate you to begin saving the loose changes because they will help you in the long run.