What You Are Missing Out From Not Keeping A Piggy Bank

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Status: Finished  |  Genre: Young Adult  |  House: Wisdom Warehouse

Every penny counts.....

What You Are Missing Out From Not Keeping A Piggy Bank

A piggy bank is any small savings bank often in the form of a pig with a slot for receiving coins. It is a small container used to save coins or any money oftenly but not always shaped like a pig. The term 'piggy bank' is also used figuratively to mean someone's savings. 

Financial planning and learning how to save is not always an easy task. There is a lot to consider when it comes to what you want to do with your money and how to spend it without blowing the bank. Some people have a tendency of 'chewing' all the loose change in their wallet. One of the biggest barriers to achieve our financial goals is our lack of self control. So what can we do? Paying ourselves first is one way to ensure that the habit of saving becomes more than just temporary.

Rather than waiting until the end of month and save whatever is left, committing to a regular, automated savings plan can help remove the temptation to overspend. Every penny counts. Have you ever found yourself cleaning out your junk drawer to find a lost penny and you just decide to throw it away because you found no value in that penny? 

Remember, every penny is one small step to your financial goals. Keep a piggy bank where you can put all the loose change (not just pennies) you find throughout the house, car or your pockets. When it's full you might be inclined to spend it unnecessarily but bring it into the bank and deposit it right into your savings account. Remember, a penny is the difference between a person with $999,999.99 in their account and a millionaire. 

After you have mastered the art of saving pennies, try single dollar bills. When you get home at the end of the day, take any single dollar bills you have and also put them into your piggy bank where your loose change goes. Don't end there, put the fives, tens, twenties, fifties and hundred dollar bills as well. Another advice is don't be so extra unnecessarily. Eliminating the non-essentials in your life is a great way to save money.

One of the easiest ways we learnt how to save money at a young age is with a piggy bank. Most of us at some point in our childhood received a piggy bank. A piggy bank is one of the most effective ways for parents to teach their children the value of saving money rather than spending it unnecessarily. More importantly, the piggy bank is also a good reminder for parents and young adults who may have forgotten the importance of saving.

Here is what you are missing out from NOT keeping a piggy bank:

1. A piggy bank help us to organize loose change

When pockets or a purse gets full of random coins, one smart trick is to put them somewhere specific like a piggy bank rather than losing the coins in your couch or car. Remember, even though they're just pennies or single dollar bills, it's still your money and a little becomes a lot pretty quickly. Not only a piggy bank help clean up your house and car, it also reinforces good saving habits. 

2. The money in a piggy bank adds up

When it comes to finances, it's always important to have financial goals and using a piggy bank is a simple way to help you reach those goals. Whether you have got your eye on something fancy like a dinner dress, some high heels or a purse and trying to save for a family vacation, adding to a piggy bank will visually show how close or far away you are from making that purchase. 

Using a piggy bank with your children is fun and exciting too. Ask them what they want to save for and help them set a goal for that. It is more beneficial to use more than one piggy bank. Label each piggy bank with your planned purchases for example "new dress", "family vacation", "high heels" and start saving right away. I am one person who is proud of being able to point at things that l acquired for myself using my piggy bank savings. A piggy bank is superb l'm telling you from experience. It can do more for you, trust me.

3. Saving sets a great example and an inspiration to become financially intelligent

Piggy banks are a really simple and effective way to teach children in the family about the importance of saving money. It is very unfortunate that most schools don't teach children about financial literacy. Let your kids pick a piggy bank, one they can decorate themselves and feel proud to own one.

They may not be saving up for anything specific when you start but encourage them to think about what they desire to buy for themselves one day - being it a new phone, a new toy, a video game and a new pet etc. It is helpful to find out how much these items cost and how much they need to save in order to buy them. Doing this will motivate your kids to find ways to earn money to put in their piggy banks. 

Suggest taking some additional chores or some useful items you have disposed to your junk yard that they can sell and earn some money. Have your kids do something for you and pay them in return for their helping hand for example baking, washing dishes, dusting furniture etc. Just be exemplary for your children. 

4. Piggy bank reinforces the "always be saving" mantra

Benjamin Franklin once quoted, "a penny saved is a penny earned." Saving should be always be top of your mind. By using a piggy bank, you're literally able to watch your money grow everytime you save. This is a great habit to keep with you throughout your adult life. Contributing to a savings account also prepares us for an emergency or unplanned life events like funerals, accidents etc. The visual aspect of seeing the heap of money after the saving exercise is very rewarding. 

You maybe asking what to do once the piggy bank is full? There are a lot of options available for you. Once the piggy bank is full, it is usually opened, the money laid out on a table and counted to find out how much was saved.

Below are some of the options of what to do with your piggy bank money:

•Reward yourself with a treat whether it's your favorite ice cream, pizza or chocolate - the bottom line is you should feel good about filling your piggy bank. 

•Donate a portion of the money to a local charity in your area or a church. The popular quote, "Blessed is the hand that gives than the one that receives" should motivate you to give. 

•Invest some of the money in ways to earn more money. A penny saved today remains a penny tomorrow but a penny invested will become a couple of dollars tomorrow. 

•Put all of it into your bank savings account and start the piggy bank process again and again. 

In conclusion, there are only three options you can do with your money that is save, spend or share. The more you save, the more you have to spend and share. Developing a strong habit of saving your money with a piggy bank or a savings account will help you teach your children about the benefits of saving money. 

Wealth starts with a goal, discipline and saving a dollar at a time. Studies found out that the Chinese people consider a piggy bank a good luck charm. Europeans see it as a harbinger of good fortune and wealth. Around the world, many people believe  being given a gift in form of a piggy bank on a New year day brings good luck and financial success. And oh yes but you have to put some dollars in it. 

While piggy banks teach children the wisdom of thrift, adults often need to relearn childhood lessons too. The best time to save money is when you still have it. You can use a piggy bank to break the cycle of being broke. The key is to start small.

You will be slowly increasing your savings rate. The beauty of this strategy is is that you begin by lowering your expenses slowly, so you can stop spending money on stuff that isn't bringing much fulfillment in your life.

You can create a new life where you're living more richly today and tomorrow by shifting your financial mindset away from "being broke" to simply saving a little extra money - just the way you did as a child. 

That's it on this guide. I hope you find something helpful to you. Fighting!

****The End****

 

 


Submitted: May 28, 2021

© Copyright 2021 Tariro Tsaurayi. All rights reserved.

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