If they say that cash is on its way out, then surely there’s no reason to deal with spare change anymore, right?
Wrong, because cash isn’t going anywhere yet, even if we’re more reliant than ever on apps and digital wallets.
So if you’re stuck with spare change and not sure what to do with it, here are six clever ways to make the most of it (maybe while you still can!).
Save It
While this isn’t a groundbreaking tip, it’s one that becomes more powerful when you’re saving it with purpose. Put every last penny, nickel, dime, and quarter in a jar, label it with something specific (like “vacation money” or something), and trade it in for cash when it’s time. It’s the definition of small investing, but you’d be surprised how much it adds up over a few months or years.
Round Up Digital Change
Even if you aren’t carrying around a pocket full of quarters as often as you used to, the concept of change isn’t going anywhere. Micro-investing apps, like Acorns, automatically round up your card purchases and invest them. It’s super easy to start, and it’s relatively low risk initially since you’re playing with nickels and dimes rather than your entire bankroll.
Keep Them For Convenience (Or Cravings)
There are many times when change is the most convenient option, like vending machines or parking meters. Sometimes you just need a quick snack or a coffee, and fishing out a few coins means you don’t have to break a big bill or use your card for two bucks. You can even treat it like a “super secret” fund that’s almost like a catch-all in your budget, giving you license to use it on impulse purchases, because it’s just a few quarters, right?
Charitable Donations
If you’re already barely noticing when your coins pile up, why not turn them into something that does good for the world? There are donation boxes and buckets in all kinds of places, including gas stations and grocery stores. You can also relieve yourself of the change the moment you get it by tossing it into the tip jar for some bonus karma and to brighten your barista’s day.
An Emergency “Break Glass in Case Of” Fund
No one’s saying you should have a piggy bank as your emergency fund. But it doesn’t hurt to have a healthy jug of quarters to bust out when you need it most. Coins are also great for last-minute needs, so keeping a roll of quarters in your glove compartment when your phone dies could be the difference between securing a parking spot and driving back home.
Allowances
Just because we live in a world where you can Venmo your ten-year-old their weekly allowance doesn’t mean you have to. Keep coins to give out to your kids when they do chores. Physical money is an excellent way to teach them about spending anyway, whereas a theoretical cloud-based system is just going to make it more likely that they’ll grow up thinking money is a concept.
