Retirement Income

Tue, 23 Apr, 2019Joanita Wibowo

3 ways to make the most of your spare change

3 ways to make the most of your spare change

You might have a collection of loose change somewhere in your home, be it in a jar, a piggy bank or just lying around the table somewhere. Every coin you save counts, but they can indeed be a hassle to bring in your wallet. Here are a few things you can do with your spare change.

1. Organise them

Make using up the coins easier by organising them for different expenses – laundry, morning coffee, vending machines, bus fares and more.

Keep in mind the common courtesy – do not use an excessive amount of coins to pay. Apart from holding up the line in stores, it may also be illegal. The Currency Act 1965 (section 16) prohibits the use of Australian coins to pay if they:

  • exceed $5 of any combination of 5 cent, 10 cent, 20 cent and 50 cent coins. For example, you may use 100 single 5 cent pieces in a transaction.
  • exceed 10 times the face value of the coin if $1 or $2 coins are offered. For example, you can only use 10 $1 coins, or $2 coins for a transaction.

2. Bring them to the bank

Prefer to go cashless? Take your coins to the bank and ask the teller to deposit the money into your account or trade them for bank notes.

If you would rather not make a visit during business hours, worry not – most banks today offer the option to do a bulk coin deposit via ATM. Look up your bank’s website to find out the nearest ATM near you that provides this facility.

3. Donate them

Charities are always happy to receive financial help, no matter what form it takes. You can put your coins in donation boxes in supermarkets, fast-food restaurants, museums or more. Local charities and community centres are also likely to accept spare change.

How do you use your coins? Share with us in the comments.