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Not sure what to do with spare change? Here are some fun ideas.
Key Point
- Many of us allow coins to be collected in our wallets, cars, and sofa cushions.
- Collecting and redeeming coins in one place can be a rewarding experience.
- As a reward, you can reward yourself by saving half and using the other half to increase your savings.
Do you have a pile of spare change piled up in your car, in your wallet, or in random places around the house? If so, you’re not alone. Instead of ignoring your extra coins, you may want to use them. You may have more extra money than you think. If you’re looking for ways to use your spare change, we have some fun ideas for you to try. It’s a win-win solution that will help you grow your savings and give you nice rewards.
collect coins
Specify a single location to store all of your changes instead of collecting them in random locations. You can use an extra jar, piggy bank, or another container you have at home. Whenever you come home with change after shopping with cash or find a coin while cleaning the house, go ahead and add it to your change collection.
Over time, the coins will pile up. It’s fun to see how long it takes for the container to fill up. If you have a partner or other family members, you can involve them in the collecting process and create a fun game.My husband and I do this using an owl-shaped coin purse.
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cash spare change
Once you have a sizeable collection, this is a good time to cash in your spare change. One option is to take your coins to the bank. Most banks allow their customers to cash their coins, but many require them to be rolled. Buy coin wrappers or see if your bank provides them. Check with your bank first to see how they handle coin cashing to save you time.
Another option is to use a coin cash machine like Coinstar. You can find these machines at grocery stores and other popular retailers. Note that these machines keep a portion of your money as a service fee. Therefore, it costs money to use them.
Bet on the amount you collect, regardless of how you do it. You don’t have to do this, but it makes the experience more exciting. You might be surprised to see the actual total amount. I am almost always surprised when I get more money than I first thought.
spend half and save half
It’s up to you to decide what to do with that money. But you don’t have to save all the extra money you’ve accumulated. It’s okay to treat yourself. If you don’t want to put everything in the bank, it’s better to spend half and save the other half. You don’t want to spend the full amount, so put half into savings right away. Doing this will increase the balance in your savings account.
Then you can spend the other half on something special. Maybe you want to go to the movies with your partner, have a takeout meal in the comfort of your own home, or buy some new clothes. Allowing yourself to spend half of that is a great way to reward yourself for continuing to prioritize savings and personal financial goals.
Never miss an opportunity to earn interest
If you want to cash spare change, keep it in a high-yield savings account. Earn interest from donations to savings. This is free money. If you don’t have a savings account yet, check out our list of the best high yield savings accounts to find the right one for you. Saving money doesn’t have to be boring. There are ways to make the process fun and exciting.
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