What do you do when you have spare change? Do you see it as an opportunity to grab a beer, order takeout, or just splurge the money on other irrelevant expenses? Well, you won’t be the first if this is what you actually do. The truth is, until you realize there are various smart things to do with your spare change, you’ll spend it recklessly.
When I shop for groceries or other essential items with cash, I usually get back home with some loose change. But before I get too excited that I have “free money” in my wallet, I quickly add that cash to a budget line for the month or I simply save it. This is a healthy financial habit that helps me to curb excessive spending.
You too can adopt this habit. You only have to figure out the smart things to do with extra money. Thankfully, this post will discuss them. You’ll also learn about some of the best places to find spare change. Let’s dive in.
What To Do With Extra Money
When you don’t know what to do with loose change, you’ll likely spend it on anything that doesn’t improve your finances or well-being. So, here are some of the smart things to do with your spare change.
1. Pay Off A Small Debt
If you have various debt balances to pay off, it’s important you constantly look for creative and efficient ways to become debt-free as soon as possible. So when you don’t have a purpose for your loose change, contributing it toward paying down debt would be a wise decision.
Yes, the spare change may be a tiny amount of money, and this would seem like it doesn’t make a difference. But interestingly, adding an extra amount of money (no matter how small) to your minimum payment will bring you closer to being debt-free.
On the other hand, if you’d like to learn practical ways to toss away debt, here’s a post—it explains 10 helpful strategies to pay off debt faster.
2. Stock Up On Supplies
This is one of the smart things to do with your spare change.
You may realize you’re running low on bulk foods and other essential items you regularly use in the house. You can stock up on supplies by using the loose change you’ve stashed somewhere over time.
Check around the common places within your home where you often find spare change. If you find something, keep it in a jar or a piggy bank. You’ll definitely need it to purchase essentials in the future.
Also, you may want to consider buying in bulk or taking advantage of special sales when restocking. This is how to ensure you have enough supplies without spending every single week.
3. Learn Something New
One of the best ways to invest in yourself is by learning a skill or improving the skill set you’ve already acquired. Take a class, buy an online course, or pay for mentorship to broaden your horizon.
Don’t forget you can find so many educational institutions, studios, and community centers offering courses for adult learners. This education can cover a wide range of interests and topics.
Besides, “learning something new” doesn’t mean your mind should be geared toward acquiring a technical skill. You could decide to pay for a month of yoga, take up a new craft, or attend a cooking class teaching vegetarian recipes.
4. Invest In Hobbies
It may not seem like it, but this is one of the smart things to do with your spare change.
Do you love painting? A few hundred bucks can get you new canvases, brushes, and paints to create beautiful works of art. Do you often wish you could learn how to play music? You can get an acoustic guitar for less than 200 bucks.
Funding your passion or hobbies (with your loose change) can contribute largely to your happiness. There’s no denying that we can be quite busy with our careers, families, and other “serious” endeavors. But taking up a hobby can be a great way to unwind.
5. Finance Better Health
If you don’t know how to make the most of your spare change, think about improving your health. You can begin with physical fitness. For example, enroll in a personal training session or subscribe to a gym membership.
Maintaining this active lifestyle will certainly cost some money. But since you’re now on the lookout for spare change, it’ll be easier to fund your fitness goals.
6. Buy Books
During my first year in college, I realized that books are one of the most surprising costs I’d have to face until I get my degree. I spent a ton of money each year purchasing the books required for every course.
So if you happen to be in college at the moment, one of the best ways to actually use your spare change is by spending it on the semester’s reads. You can decide to sell the books when you’re done for the semester.
Also, even if you aren’t a college student, buying self-help or personal finance books is a brilliant idea. The information you get from these publications can transform various aspects of your life. It’s worth the investment.
7. Deflect Forgotten Costs
Deflecting forgotten costs involves identifying and accounting for expenses that are often overlooked or forgotten. This is one of the smart things to do with your spare change.
From bus fares to toll charges to parking fees, you can pay for those costs with the spare money you have reserved initially. I make sure I don’t always scramble for those annoying tolls. That’s why I look for all my loose change and keep it for moments like this.
Examples of other forgotten costs are late payment fees, interest charges, subscription services, and utility deposits. Identifying and deflecting these costs can help prevent debt.
8. Start A Vacation Fund
Saving for vacation can be difficult when you have a low income. It’s normal that you’ll focus on other essential costs. However, you can’t deny the fact that your family would need a vacation at some point. It may not be a necessity, but it’s one of those fun-filled experiences we all crave.
Stash all those dimes away to gradually build a vacation fund. It’s one of the things to do with your spare change. Of course, this won’t cover the entire cost, but it will serve as a huge contribution to the goal.
Besides, don’t forget to determine your vacation budget and associated costs. This will help you measure your goal and properly plan toward it. Also make sure to set up a separate savings account for funds specifically for vacations.
9. Fix Up Home Repairs
Painting a room can cost $200-$500. Fixing a leaky faucet can cost $100-$300. Replacing light fixtures costs between $100 and $500. These and many other home repairs will have you spend money occasionally—money you probably aren’t prepared to spend. You could call them emergency costs. Notwithstanding, saving your loose change for these expenses can make a big difference.
For example, if you need to urgently fix your roof for $200, and the loose change you’ve stashed away sums up to $120—you will only have to worry about $80. You can easily take that out from your emergency fund or savings account to pay for the fix. This will help you avoid debt, reduce financial stress, and ensure your home is safe and comfortable.
10. Start A Savings Account
This is one of the smart things to do with your spare change. If you can’t find any urgent need for that “free money”, you can save it instead.
Create a savings account where you’ll empty your change collection. All the extra $25 here and $50 there could be contributed to grow this fund.
Of course, you should do this with an interest-earning bank account. You want to make sure your money keeps growing. At the end of the day, you’ll get more than what you’ve deposited.
Even if you haven’t built an emergency fund, you can simply use this account to cater to unforeseen costs.
11. Donate It
If you don’t know what to do with your spare change, then maybe it’s time to make some change—by donating.
There are so many organizations in need that will appreciate your support (even if it’s little). All you have to do is carry out a little research to find the charities that align with your values and goals.
Some popular charities include:
- Doctors Without Borders
- American Red Cross
- The Salvation Army
- St. Jude Children’s Research Hospital
- Nature Conservancy
- American Cancer Society
- UNICEF
- World Wildlife Fund
You can also go ahead to check ratings and reviews from reputable sources like Charity Navigator, GuideStar, or BBB Wise Giving Alliance. Every donation counts, as collective efforts lead to significant positive change.
Aside from charity donations, you can reach out to families who can’t afford groceries or toys for their kids during Christmas. Your support would mean the world to them. This is one of the smart things to do with your spare change.
5 Best Places To Find Spare Change
Wondering where to find spare change? Here are some of the best places to look at:
1. Around Your Home
This is the easiest and most likely place to find spare change.
Look in all the usual places like couch cushions, between the car seats, in your laundry basket, and in your pockets of clothes you haven’t worn in a while.
Truth be told, I’ve lost count of the number of times I’ve found 20-dollar bills in the back pockets of my pants—especially when I’m about to do the laundry. Of course, I have a wallet, but I sometimes stash money in my pockets and forget about it.
2. At Laundromats
This is another place to look at if you don’t know the best places to find spare change.
When people use the laundromat, they tend to forget some change in dryers and washing machines—as they switch from pocket to pocket. If you often use this self-service laundry facility, keep your eyes peeled. You may find some loose change.
3. Around Vending Machines
One funny thing about making purchases at vending machines is that coins could get stuck or fall out. This way, people tend to leave spare change around.
The next time you try to use a vending machine, check around the base and behind it for any dropped change. Although there’s no guarantee that you’ll actually find any cash, you may be lucky!
4. In Parking Lots
When checking out places where you could find spare change, parking lots should be atop your list. This is because coins can fall out of people’s pockets or cars while they are getting in and out of their vehicles. It will be smart to pay attention to areas around shopping carts and car doors.
5. Phone Booths
Yes, it’s true they aren’t as common as they once were. Many people would rather send an email, a quick WhatsApp message, or just call someone from their home rather than use a phone booth. Notwithstanding, this is one place where you can find those “free” extra coins. This is because people sometimes forget their change after making a call.
Final Thoughts On Smart Things To Do With Your Spare Change
Those spare coins jingling in your pocket might seem insignificant, but over time, they can add up to something much more substantial. Developing the habit of finding and keeping spare change, whether at home, around the laundromat, or even in parking lots, is a fun way to save.
Collecting this loose change in a jar or piggy bank can become a surprise windfall for a future purchase, a night out, or a contribution to a bigger savings goal. Every little bit counts, and those neglected pennies can transform into a rewarding financial habit.
Also, since this post has discussed smart things to do with your spare change, you should not fail to spend this money purposely.
Pin this for later!
