Do you remember when your mother used to tell you "Every penny saved is a dollar earned?” What are we going to tell our children as they grow up without this penny that has signified how essential it is to save even small amounts to make them grow into larger ones?
On Monday the Royal Canadian Mint in Ottawa is going to stop the distribution of pennies completely. This leaves merchants in the Calgary area scrambling to change their pricing structure to keep up with the changing times. No longer will items be priced at $7.99 or $99.99. No, prices will either need to be rounded up or rounded down to the closest 5 cents.
According to the mint's website, the Canadian government is adopting this guideline for rounding that is being used in other countries successfully.
In general, current pricing will be rounded down if it ends in 1, 2, 6 or 7 cents while rounding up will occur for items that end in 3, 4, 8 or 9 cents. When you consider that a lot of items you purchase do end with .98 or .99 cents, as a customer are going to be paying extra for the items that need to be rounded up. It's common to see a bottle of shampoo selling for $6.99 but it's rare to find the same bottle selling anywhere for $6.92.
If you really take a good look at the situation, most merchants are going to be ahead of the game while the average consumer will end up paying more. While it's not a lot of money, it still adds up. Remember the saying?
Giving to a good cause
CBC Calgary is holding a penny drive to put those used pennies you have to a good cause. You can drop off your pennies at CBC Calgary located at 1724 Westmount Blvd. NW up until February 8, between 6 AM to 8 PM.
You can also donate your pennies at BMO branches located in:
- Aspen Landing
- Royal Oak
There will be a sign in the branches for "penny love" and you can just drop all of your pennies in and they will automatically be counted for you. You will be given a receipt that you need to drop into the donation box when you made your donation. All proceeds will be given to the Heart and Stroke Foundation.