10 Things You Should Be Doing With Your Spare Change
Written by
Cynthia Measom
Edited by
Gary Dudak
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If you’re like most people, you probably end up with spare change here and there. You might toss it in your car, lose it in the couch cushions or just allow it to sit forgotten in a drawer. But with a little thought, that change can actually add up to something useful.
Here are 10 ways to make the most of your spare change.
Save for Holiday Shopping
One easy way to put your spare change to good use is by saving it throughout the year for holiday shopping. Every time you get change back from a purchase, drop it into a jar and let it build up. After a year, you could easily have $50-$100 (or more) just from loose change, depending on how often you use cash.
Use it to buy gift wrap, stocking stuffers or a bundle of $10 gift cards.
Pay Down Debt
Using your spare change to pay down debt is another smart move. Start by collecting your coins in a jar until you have a certain amount, like $50. Once you have enough, check with your bank to see if it accepts rolled coins or has a coin-counting machine.
Once you’ve deposited your extra change, use the money to make an extra payment on your credit card or loan. Even small extra payments can help reduce what you owe faster.
Donate To Charity
Another good use for your spare change is to donate it to charity. You can deposit your spare change at your bank and then donate via your debit card. However, some charities will accept coins.
Donate coins to the Salvation Army by dropping them in the designated red kettles around Christmas. Or you can check with your local McDonald’s and see if they have a coin donation box for the Ronald McDonald House. You might also want to donate change to charity jars at local stores, which are usually located at checkout stations.
Save by Rounding Up
You don’t have to pay with cash to benefit from spare change. Many banks allow you to round up your purchases to the nearest dollar and automatically deposit it to your savings when you pay with your debit card.
It’s a way to easily start saving without even noticing. You can also use apps like Acorns to invest your spare change and grow your savings.
Teach Your Kids About Money
Teaching kids about money can be easier with the help of spare change. Encourage them to collect coins in a jar and work toward something they want or suggest donating their change to a charity for children. Every so often, take the time to count out the change with them, which helps them understand the value of each type of coin.
Indulge in Small Treats
If you’re working hard to save and invest, it might be nice to use your spare change to indulge a bit. Whether you want to enjoy a sweet treat, buy a new book or see a movie, setting aside your coins for these small indulgences can be a simple way to enjoy something extra without impacting your budget.
Do Something Nice for Others
Spare change can also be a simple way to do something nice for others. You could pay for a stranger’s beverage at a coffee shop or cover the toll for the car behind you.
To make it easy, keep your spare change in a small pouch or container in your car or bag so you’re always ready to share a little kindness when the opportunity arises.
Try Your Luck
If you like trying your luck from time to time, your spare change can be a fun way to do it without risking your budget. Use it to buy a scratch-off lottery ticket or try a slot machine during a visit to a casino. Just remember to treat it as a short-lived form of entertainment rather than a serious way to make money.
Pay for Tolls or Parking Meters
Spare change can be really useful when it comes to parking meters and tolls. Keep some coins in a designated spot in your car so you’re always prepared when you need to feed a meter or pay a toll quickly. It’s a simple way to avoid scrambling for change at the last minute.
Pay for Small Household Expenses
Covering small household expenses is another way spare change can come in handy. Whether you need to grab a gallon of milk, pick up a pack of light bulbs or buy a few stamps, having some extra change available lets you pay for these purchases without dipping into your regular budget.
Visit the self-checkout to feed your change into the kiosk. You could even make a rule that if you have to make an unexpected household purchase under $5, you’ll use spare change.
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