Loose change has its uses for consumers
Many may think that loose change is not used by today's consumers. However, this could not be farther from the truth. In fact, coins and cash are still utilized as a way to make every penny count. A coin counting machine comes in handy as families look to turn loose change into cash to buy everyday products or put more money away in their bank account. Financial institutions that offer self-service coin counting machines are encouraging better spending and savings habits that will ultimately help members be more responsible with their money.
Here are three important ways consumers are using their change as an integral part of their finances:
1. Kids' savings accounts
It's very exciting for children to put change they find in their piggy banks. While this is a cute tradition, it is also the start of financially sound habits. Starting saving early is a great way to improve financial security and banks can encourage young members to bring in their piggy banks when they're full to count the coins and deposit it into an account. Plus, parents who teach their kids to make smart financial decisions from an early age will help encourage healthy spending habits when the children grow up.
The economic recession has been hard on Americans' wallets and many have not been to donate to their charity of choice like they used to. However, saving change and putting it toward donations, tithe or other nonprofit organization programs has allowed people to help organizations in need more frequently.
Signing up for loans can be a daunting task for many consumers, but saving every spare penny to put toward big purchases gives many peace of mind. Bank members can count their loose change and slowly but surely start a fund for a new car, mortgage or college education.
Helping customers manage and store their money until families find the right expense to use their savings is a great way for banks to develop closer relationships with members and improve financial growth.