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A friend of mine admitted that he would not even bother to pick up a £1 coin from the floor any more. He even confessed to sometimes throwing away 1p and 2p coins because they were too much trouble! Amusingly, three decades ago he and I would have scrapped over a one-pound note if we had both seen one on the pavement. It just goes to show how inflation erodes the value of our money over time. Additionally, it underlines the importance of investing our money properly to beat inflation. That said £1 is not exactly worthless just yet. Furthermore, if you use it carefully, it may even change your life. Here are a few ideas that I think may be worth considering. Did you know, for instance, that you can open a savings account with just £1? Many banks will let you open a high-interest savings account with just a quid. Moreover, once you appreciate the significance of compounding, you may be encouraged to save even more. £1 will also buy you a National Lottery ticket. Mind you, the chance of scooping the top prize is a jaw-dropping one in 14 million. However, the probabilities of picking up one of the smaller prizes are much higher. For example, you have a about a one in 54 chance of winning a £10 prize if you match three numbers. Keen gardeners tell me that there is nothing that can compare with harvesting your own vegetables. What's more, for just £1 you can buy vegetable seeds and start growing your own Purple Dragon carrots, Bedfordshire Champion onions or Ailsa Craig tomatoes. Your summer salads will never be the same again! Avid readers may be interested in knowing that for just 99p you can submit a bid for a copy of "The Motley Fool UK Investment Guide" on eBay. Moreover, on eBay's US website, bids of less than 75 cents, or just 40p, are being made on Motley Fool books by our founders Tom & David Gardner. Finally, a favourite of mine. Why not pop down to your local stationers and pick up a cheap ring binder for under a pound. You can file away all that financial paperwork that regularly comes through your letterbox. Come the end of the tax year, it will make filing your tax return less of a chore. More: Five Smart Things To Do With £100 | How To Invest £1,000 | What To Do With £10,000