If you’re one of the many who keep their spare change in a jar as a saving habit, first well done! It’s a simple and effective way to lighten your purse or pocket while also putting a little away.
But what do you do with that jar once it’s full?
Do you take it to the bank or post office? Spend it all at once? Or something else?
Some banks still have brick and mortar locations in town centres but many do not.
So what are your options?
As far as I see it, you have five:
- Bag it and bank it
- Use a coin machine
- Spend it
- Give it to charity
- Take the kids/grandkids to the arcades
Let’s take a quick look at each of these options as they all have pros and cons.
Bag it and bank it
If your bank has a location close by, you could bag up your change and deposit it into your bank account for a little boost to your savings.
It’s the most sensible option but will require visiting the bank beforehand for bank change bags and carrying them into town once full.
There are different money bags for different coins:
- £1 bags for coppers
- £5 bags for 5p or 10p coins
- £10 bags for 20p or 50p coins
- £20 bags for £1 or £2 coins
Sort your coins out in these amounts, bag them up and choose a quiet time to deposit them into the bank.
Use a coin machine
Coin machines can often be found in supermarkets and are a convenient way of doing something useful with your spare change. The machine will even sort your coins for you!
You could pour your entire jar into a coin machine, have it weigh and count the money and give you a voucher for cash or for your groceries.
Be aware that they charge a commission for helping you out. That can be up to almost 10p for every pound you deposit.
Spend it
Some independent shops love small change as it saves them having to get it from the bank and paying commission.
Be careful how much you spend at once and where. Most independents like change but not too much of it at once.
Shops are allowed to refuse purchases using too much small change. The practical limits are:
- Items up to 20p with 1p or 2p coins
- Items up to £5 with 5p or 10p coins
- Items up to £10 with 20p or 50p coins
- £1 and £2 coins can be used for any purchase
Most shops won’t refuse if you’re a little over that and some may not refuse at all. Just be aware that you’re trying to help them out, not bury them under copper!
Alternatively, you can use your small change to buy top-ups like bread and milk. Sort coins out into a pile enough to buy a couple of pints of milk and leave them somewhere convenient.
That way you can pick up some change on your way out when you’re going to buy essentials.
Give it to charity
There are still charity boxes at checkouts and other places. You could deposit small change regularly into these boxes.
Or you could bag up your money and give it to a charity shop. It’s a little cheeky to drop bags and bags of small change off so choose your charity well, but they are unlikely to refuse it.
Take the kids/grandkids to the arcades
This last option isn’t exactly frugal but it can be a bit of fun. Most arcades still have coin machines that you can spend a little time and your spare change on with the family.
Surviving hard times isn’t just about paying down debt and saving money.
It’s also about the psychology of survival and having a day out with the family can play an important role in that.
