Money

Tips To Turn Your Small Change Into Big Money

I always hear people complaining about coins. They’re nothing but shrapnel, they clink about, weigh down pockets. Whine, whine, whine. I always feel a pang of disappointment when I see coins lost under couches, piled up in car ashtrays and forgotten or god forbid, thrown away.

Brushing aside the value of coins is a lost opportunity. Money is money is money. And coins are cold (literally), hard (also, literally) money that you can exchange for goods and services. Like a 30c cone from Maccas. Or a full grocery shop. Yes, really.

If you start putting aside your extra coins, your savings will grow before your eyes. Here’s how to make your loose change work in your favour.

Keep a piggy bank

Remember when your parents gave you the very wise advice to slot all of your extra pocket money in a sealed tin? And by the time it felt heavy enough to knock you out, you’d be able to crack it open with a can opener and count out 20 odd dollars? Twenty dollarydoos! All for doing the menial chore every now and then.

It might sound dorky to have a piggy bank as a Grown Adult, but if you can save 20 dollars when you were a jobless kid, imagine how much you can accrue now? Heaps is the answer — hundreds of dollars in a year – and you can drop the amount right into your bank account via coin collecting machines often located near many ATMs. 

Challenge yourself to hit $100 in coins

What if coin collecting became a game? Rather than lamenting their build up, try and see how big you can make that pile. Get yourself a big vase and work on filling it with coins. When it’s full, pop it into a sturdy bag and take it to your local Westpac branch. They have these handy-dandy machines in which you can insert your coins and they’ll deposit the money straight into your account.

It’s like playing a game at the local arcade, but you win every time.

Donate it

Look, you might find carrying change a bit of a convenience but I can tell you who doesn’t. People in need, that’s who. So if you’re not willing to put it aside for yourself, put it aside for people who’d get a lot out of it. Studies have shown that people who donate their extra cash are healthier and happier people. Can’t put a price on happiness.

So, don’t underestimate the value of loose change, OK? It’s very important to some of us. Just ask the girls in our Money Is Awkward original series:

Make your spare change work harder by depositing it into a Westpac e-saver account. With competitive interest rates, you’ll outgrow your piggy bank in no time.

Things you should know: Please ensure that any account is appropriate for you.