Parents usually introduce the concept of savings to their kids with the use of piggy banks or coin banks. Kids would save their pennies, dimes and quarters so that they will have something to put in their “banks” at the end of the week. Once full, these coin banks are exchanged for bills that the kids can use to buy anything they want. As such, the kids learn how to value these small coin denominations and appreciate the future rewards that it holds. Unfortunately, the habit of keeping coin banks can also be outgrown that most adults tend to take these small coins for granted. Here are some big ways in which saving coins can benefit one’s budget.
The US Dollar coin denominations include $0.01 penny, $0.05 nickel, $0.10 dime, $0.25 quarter, $0.50 fifty cents, and $1 dollar coins. Saving a quarter a day makes $7.50 a month and $91.25 in one year. Take this savings to Walmart and one can get a 1.3 cu. ft. Magic Chef Digital Microwave Oven or a 32-piece Corelle Dinnerware Set and still have a few cents left in their pockets. This may also be used for purchasing a week’s worth of grocery items for a small family without the help of coupons. Hardworking homemakers who rarely reward themselves with pampering treats can use their coin savings to get a weekend spa session or an overnight stay in a local resort. These are just some of the benefits that one can enjoy by saving a quarter a day. Saving half of the loose change that gets left in the pocket at the end of the day will certainly end up in big rewards at the end of the year.
Coin denominations and prices of commodities vary in different countries but each coin has a value that is worth saving. Taking time to put away a few coins in jars or coin banks is one of the easiest ways to raise funds for a year end reward.