Nonetheless, here’s an update on saving loose change. Look at what Ah Boys to Men’s IP Man has done!!
THIS IS WHY YOU SHOULD KEEP YOUR CHANGE! Looks like my Tokyo trip next week is settled πππΌ pic.twitter.com/wjCxiRkazl— Noah Yap εΆθ£θ (@TrulyNoah) October 13, 2017
Accumulated almost $3000 worth of coins in a coke bottle and banked in! That’s quite impressive isn’t it? We can be motivated by such anecdotes.
This is what I used to do too! Saving all the loose change. But I changed...
Instead of keeping all the loose change at home, I have been keeping only $1 coins in my coin box. What do I do to the rest of the denominations? I try to bring out and spend the next day. For e.g. I bring 80c worth of coins out; if that Old Chang Kee curry puff costs $1.60, I give the cashier $2 note + 60c coins and get $1 coin in return. Repeat this and I will reduce the coins to $1 coins at the end of the day.
So why this change? You may notice that IP Man incurred a coin deposit fee of $90 for the 7500pcs coins he deposited. If I deposit 3000pcs of $1 coins instead, the fee can be reduced to $36 only. Fees aside, it is also less frustrating and less time-consuming to count only $1 coins.
But TheMoneyFace is still not satisfied. Why should I let the bank eat my money? It’s easy to skirt around this fee... change with coffeeshop/hawker stalls and mama shops (don’t make things difficult for them by trying to change or use 5c coins on them as these small businesses rarely sell things in that denomination); deposit into kids savings account (zero coin deposit fee; e.g. POSB); or throw all coins into the coin acceptance machine at supermarkets (but make sure no long queue okay)!
Save on! There are still many ways to save! Please comment below to share what’s your saving technique $_$
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