This archive report was first published on 9 January 2020.
Published on January 9, 2020, a Bizna Brand Analyst shared valuable insights on managing your spare change.
It's estimated that every middle-income household has at least 5,000 shillings in coins, often hidden in pockets, penny jars, or down the back of the sofa. While it may not seem like much, this spare change can add up and make a significant difference in your wallet.
Here are five practical ways to make good use of your one-bob coins:
1. Cash them in at a supermarket ¶
Many supermarkets allow you to exchange your coins for cash, as they often lack coins to give customers as change. It's best to propose this transaction at the customer care desk instead of a cashier, as some cashiers may not be authorized to engage in exchanges.
2. Use them for small purchases ¶
Carry your coins with you when you go shopping and use exact change when paying cash at a supermarket. You can also use coins to pay for fruits or vegetables at small vendors, who will happily accept them as payment.
3. Deposit them at the bank ¶
Some banks allow you to deposit coins into your account, saving you time and effort. Before hauling in your coins, call ahead to confirm that your bank offers this service.
4. Give them out to charity ¶
Instead of keeping your spare change, consider giving it to charity. There are many people in need of small amounts of money to get by, and your coins can make a difference.
5. Teach kids about money management ¶
Give your kids their own coins to learn about money management and division among save, spend, and donate jars. This will help them develop essential financial skills from a young age.
