In February 2013, the Canadian Mint stopped distributing new pennies. As a result, pennies will gradually disappear from circulation and cash transactions will be rounded off to the nearest nickel or dime. It was not that far in the past that you could go to the depanneur and pay for items with a handful of pennies. In a bizarre twist, the disappearance of the penny has put more focus and importance on the nickel, dime and the quarter. Instead of breaking a $5, $10 or a $20 bill, you should be considering how much loose change you should have in your pocket and the amount you have lying around at home.
If you think that loose change is irrelevant to your spending habits, keep in mind the following 6 scenarios where nickels, dimes and quarters will come in handy.
1 – Planned Purchases
Are you planning big ticket expenditure in a year or two? Why not nickel and dime save for it? Using a container that will not allow you access to the money, put your loose change away on a consistent basis. Make it a habit to make a “deposit” at the end of each week. At the end of your savings period, you will be surprised at how much change can be turned into paper currency that can be put towards your planned purchase.
2- Fruit or Vegetables
Depending on where you live, you can buy fresh fruits and vegetables with loose change. Instead of buying junk food as a snack while you are in school, you can go into a grocery store to buy an apple or an orange. To get more value from your loose change, look for specials in the store’s flyer on a weekly basis.
3- Interest Payments
Whether you like it or not, interest payments are a financial reality. To make interest payments easier on your bank account, consider saving your change over a period of time and then make a deposit to contribute to the final payment. Again, you have to be disciplined in putting away your change that you are not intending to use.
4- Go Dollar Store Shopping
Dollar Stores are meant for individuals that love to hold onto loose change. Anything from a greeting card to last minute party supplies, you can use nickels and dimes to make purchases. You will be amazed on how much paper currency will remain in your wallet as you leave the store with your items.
5- Contribution to Fundraising Initiatives
Know of an organization that is trying to raise funds? Why not contribute your change to it. Although it may not seem that much to you, however; it may add up to the organization if enough individuals give. These organizations have their collection containers in various locations, however; it is essential that you know who you are giving to. It is suggested that you read any information that is available on the container. If there are no details, think twice about contributing.
6- Pass It Along To a Youngster
Although a dime may seem only 10 cents to you, it may be more to a child that is just learning about the value of money. A dime or a quarter in the pocket of a kid may lead to him or her to become a vigilant saver and a wise consumer.
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