Nowadays, people tend to forget that pounds are made up of pennies. The pennies that you lose every day can add up to a significant amount someday that can help you pay for that trip that you have been longing to go, get you through an emergency situation, pay a long term debt, or even use it to buy an engagement ring.
One thing about loose change is that they are easily lost if not kept properly. If you have a habit of leaving them in your clothes or somewhere in the house, you won’t realize how important they are because they will keep on disappearing. A few pennies now may not be enough to do what you want, but how about some few months or years later?
Jeffrey Schwartz, a financial expert says that “saving the loose change may not seem important now but it will be more beneficial in the long run”. In this light, it is important that you learn how to save loose change. Read on to learn more about the simple tips and techniques for saving loose change.
Making small changes count
It’s interesting how people forget their childhood piggy banks. When we were young, small changes mattered and we use to keep them in a safe place. So, what happened when you grow up? Well, many working adults think that loose changes are for children, beggars in the street or tipping waiters and waitresses.
As mentioned earlier, pounds are made of pennies. So, if you start saving your pennies today you could end up with a significant amount of money that you can use for a big project. Purchase a cash box to keep all your change together. In fact they are highly recommended. You will be amazed at how fast the pennies will turn up to hundreds of pounds.
Round your purchases to the nearest pound
Every time you use cash to buy things like newspapers, coffee, snacks, or even parking fee, there will always be loose changes. If you are using cash, make sure that you put the loose changes in your cash box. On the other hand, if you are using your credit card to pay for these little purchases, round off each payment to the nearest pound and transfer the remaining amount into your savings account. In fact there are some realty smart apps out there which rounds up your day to day purchases and puts the spare change into a share isa or stocks.
If you have a baby coming or planning to have one, thinking about getting married or proposing, treating your loved ones this Christmas or traveling abroad, you should start to save early. The most convenient way to save without cutting on your spending or changing your lifestyle is to save the loose change.
Pennies are easily lost or forgotten because people think that they are insignificant. The truth is one or two pennies may be insignificant but what about 500, 1,000, 2,000 or 5,000 pennies? The idea here is to find something to motivate or encourage you to start savings the loose changes that could otherwise be lost. So, if you are not good at savings you need to find a reason to start saving.