Barclays customers might want to rethink spending £2 coins, as the bank has recommended a ‘vanishing trick’ that helps people boost their savings using the coins. When it comes to saving money, everyone has their own approach; some people like to save notes, while others focus on the pounds and pennies.
Anyone who regularly uses cash could benefit from the Barclays-backed challenge known as the ‘vanishing £2 coin trick’. The bank suggested the savings method to customers on a webpage titled: “Savvy ways to save without noticing.”
Sharing the tips, Barclays explained that its list included ‘five ways’ to save money ‘without really noticing’, pointing out that ‘smart tweaks to your everyday financial habits could help boost your savings.’ Barclays said: “Some of the tricks you can do once and then forget about. Others you can turn into an unthinking habit, one you won’t want to kick!”
What is the vanishing £2 coin trick?
Barclays has suggested customers shouldn’t spend £2 coins when they get change, if they want to try the ‘vanishing £2 coin trick’. The bank explained: “The £2 is the least common coin in circulation, so give it a special status for your savings.
“Every time you get one in change, switch it from your wallet or purse into an old-fashioned jar at home. You may need to resist the temptation to dip into it – a stack of these chunky coins can look particularly tempting. Only empty it out when full or at the end of the year.”
Barclays also recommended transferring any pennies left in your current account balance at the end of each day into a savings account, reports the Mirror. So if your balance at the end of the day is £58.87, you would transfer the 87p. “Even as little as 30p a day can add up to more than £100 a year.”
Sharing another tip, the bank pointed out that people can boost their savings by reducing cash withdrawals by £10. So instead of taking out £50, you only withdraw £40. The tip could be helpful when you’re spending on non-essential items.
According to Barclays, setting milestones can help people reach their savings goals. The bank explained: “Saving up enough money for a house deposit or large purchase could be easier if you break it up into smaller targets.
“Think of them as milestones on the way to your goal. You can also set up a regular payment to your account, so you don’t have to think about topping up your savings.”
The bank also suggested setting a target date for reaching the goal. “Once you’ve set up your goal, use our personalised tracker to monitor your progress – if you’ve set a target date, you can see how much you’ve saved and how long you’ve got left to reach your savings goal.”