Have you forgotten about the value of money lying about around your home?
In the fast-paced world of digital banking and contactless payments, it’s easy to overlook the physical cash hidden away in our homes. After all, while many of us don’t carry physical cash anymore, the reality is it’s still present somewhere – from pennies tucked into drawers to loose change lost down the back of the sofa.
Statistics bear this out – the average household in this country has £26.99 worth of change lying around. With around 27 million homes in the country, that’s a staggering £728m ready to be reclaimed, and it’s estimated that amount grows by a quarter every year.
Why do we accumulate so much? Part of it stems from the habit of using cash for small transactions. With contactless payments becoming more popular, our propensity to use cash for everyday purchases is diminishing.
Many don’t consider it worthwhile to carry or use small coins – they’re heavy, dirty, and we actually rarely need them.
As a result, coins received in change often end up in pockets, purses and wallets, eventually migrating to less obvious locations like drawers, tins, or the bottoms of handbags.
In August 2024, the British mint decided not to issue any new 1p and 2p coins as, for the first time ever, the supply in circulation didn’t need replenishing. That means the wealth is still out there… somewhere.
So, what can be done with these hidden riches? The first step is to gather it all, checking in the usual nooks and crannies.
One practical way to convert into usable money is through coin counting machines. Many supermarkets have these, and provide a voucher that can be exchanged for cash or used for shopping. There is a small commission to pay, usually between 5-10%. Banks offer the same service for free.
Alternatively, consider bringing your coins back into use for small, everyday purchases. Keep a jar by your front door for trips to newsagents, the grocery store, or for use in parking meters and vending machines.
Charitable donations are another excellent option and many shops have collection boxes specifically for coins.
While it may seem trivial, the loose change we find around our homes can add up to a considerable sum, and its accumulation feels as if you are getting something for nothing. By taking the time to collect and convert these coins into usable currency, we can make the most of what we already have, or impact others’ lives for the better.
