Frugality Tips: Coins are important too!

I have found that coins are a frugal person’s best friend. For someone on a small budget, 10php can mean the difference between a tall frappuccino and a grande frappuccino. Well, what are you doing in Stabucks if you’re penny pinching, missy? I admit I am a victim of overpriced coffee. I like to feel moneyed every once in a while. An occasional treat is not only acceptable, it’s a must!

But let me get back to my point. Coins. Here in the Philippines, we have coins in the following denominations: 25 centavos, 1 piso, 5 pesos, and 10 pesos. And like I said, 10 php can get you a long way. Literally. 8 php is the common base fare for a jeepney ride roughly 2-5km.Β 

Some people treat coins as a nuisance to be free of. They tend to lose them, throw them around or disregard them all-together. Sayang!Β 

Here’s two things you should be doing with your coins: keeping them in your wallet and saving them for a rainy day.

Wallet fillers. Alright, coins are heavy to tote around. And they make a lot of noise. But believe me when I say, having spare change can curb spending. Let’s say you have a 20-peso bill and a 100-peso bill in your wallet. It’s a hot say so a sundae sounds great. Normally worth around 25 pesos, you just give your 100-peso bill and get the change. Now, you have 95php in mostly loose bills. The next time you want to buy something, it’s just too easy to spend the loose bills. But! If you had a 20-peso bill, a 100-peso bill and a 5 peso coin, you could have spent your 25 pesos without touching your 100-peso bill. The next time you want to buy something, experience dictates that a larger bill will discourage you from buying frivolous things.

Coin banks. It’s popular opinion that you SHOULDN’T do coin banks since it costs your country more to make more coins instead of recycling them in the system. Well, I say let the government pay! I kid. Having a coin bank for a month or two, in my opinion, is alright. When you get home, fish around for some loose change, 1 peso, 2 pesos, 25 cents and drop it in a coin bank. If you’re prone to misplacing loose change in your pocket or bag, just drop them in the coin bank. After a month or two, gather them up and buy some essentials like pens, napkins, some instant coffee, etc. Though your savings may not amount to a car or new phone, you’ll be surprised at how much you actually save hoarding some coins.

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