March 31, 2008

The power of Change

Posted in saving tips tagged at 3:04 am by kimsan23

Today, I’m talking about coins.

What I do at the end of the day is empty my pockets of loose change. most people keep the change in their cars or in the office cabinets. what I do is, I put all of my loose change in designated piggy banks — per type of coin. You don’t need to be as OC as I am, I just separate them for the convenience. It’s easier to sort, count and wrap up for the bank.

There are three major uses for loose change savings.

1. The most common use — bank deposit. they do add an amount to savings no matter how small. surprisingly, I am able to deposit 500-1000 pesos every month!

2. For little expenses like: laundry, drinking water delivery (in Manila it’s 30-50 pesos, depending on where you are), small store puchases (sari-sari store stuff), newspaper delivery (15-35 pesos depending on the newpaper brand) and other little incidentals like scout cookie sales.

3. Taxi and bus fare.  Taxi’s where I live hardly ever give change.  They always say that they don’t have enough change or worse, no change!  So what we can do is have a wad of small bills and some change so that we would not have to overspend on transportation.

I dunno how else you can use loose change but these are the three major things I do. I always think of ways to maximize my earnings and loose change saving and allotment is definitely a great way to save money.

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