By Bizna Brand Analyst
We all have one bob coins. We don’t like them but we can’t avoid them. They are just part of the currency. Leaving hundreds of coins sitting around your house or pocket is not a good money-management strategy. It is estimated that on average every middle income household has at least 5000 shillings sitting around in coins, whether in pockets, penny jars, or down the back of the sofa
If you’re anything like me, you also toss your loose coins into a container every few days. Whether you have recently unearthed a mine of coins from the back of your sofa or have been saving loose change for years, cashing it in can give your wallet a welcome boost.
Your cash isn’t worth much to you sitting in the corner!I f you’re broke, the cash can get you through a minor emergency. If you’re fairly solvent it might pay for a small luxury. And if you’re forward-thinking, it can make your future a little brighter
Here’s what to do with that spare change.
1. Cash them in a supermarket.
Most supermarkets allow you to exchange your coins for cash. This is because they always lack coins to give customers as change. People don’t want to be given sweets anyway. So if you want to give your coins to a supermarket, It’s better to propose this transaction at the customer care desk instead of a cashier. Some cashiers might not be authorized to engage customers in any kind of exchange.
2. Use them.
Carry your coins with you when you go shopping. When you pay cash at a supermarket, use exact change.
Having coins on you can also come in handy if you need to pay for fruits or vegetables. Most small vendors will happily accept coins as payment. Coins are legal tender, after all. Use them to pay for an avocado, a couple of tomatoes, or any other small item. Counting out enough dimes and pennies to pay for a bunch of bananas means you’ll keep the greenbacks in your wallet.
When you don’t have coins on you, you end up being given even more coins as change. Why do that when you have a jar full of coins just sitting in your house?
3. Deposit them at the bank.
Some banks will allow you to deposit coins into your account, even if you haven’t gone to the trouble of arranging them first. This can be a big timesaver!
To avoid the annoyance of getting turned away after hauling in all your coins, call ahead to make sure your bank offers this service.
4. Give them out.
Instead of putting smaller coins in your wallet or in a jar, you could give your spare change to charity instead. There are a lot of people who are in need of small money to get buy. Giving out your coins to a beggar for example won’t do you any harm. You are probably not planning to use the money anyway.
5. The kids.
How are kids, whether yours or relatives ever going to learn about money if they don’t have some of their own? Give them their funds in coins, the better to divide them among save/spend/donate jars.