Saving money is something that all of us should aspire to. It could be that you want to buy a gift for a loved one, but you cannot get the money for it all at once. Or, perhaps you want to treat yourself to a night out with friends at the end of the month and you want to put money aside for that. One convenient way of doing this is by investing in a piggy bank. These receptacles for putting money in have for many years been associated with children, but the whole piggy bank concept works for adults just as well as it does for kids.
Piggy Bank can teach your child to “Save”
Teaching your child to save is essential because the sooner they inculcate such habits the better for them as is evident from the recent global economic debacle. Lessons learnt in saving and spending reasonably would go a long way in shaping your child’s habits about money as most children today don’t realize the value of dollar and depend on their parents for everything that they need. The first step in teaching your child about money and its value would be to gift him a piggy bank. With technology and advanced banking technologies, piggy banks are losing their importance but they are still the best way to teach children about money matters.
Pros and Cons of Saving Money in “Piggy Banks”
Advantages – We all have spare change left over from grocery shopping and other small purchases, and sometimes we just put it all over the house because we do not have a central place to deposit it. A coin bank will enable you to keep track of the small amounts of money that might otherwise simply lie around or get lost. It can also be a great way to actually save toward a small purchase such as something you saw on sale at the shop down the road. Small, regular deposits into the piggy bank will accumulate enough to reach the desired amount. There are some large piggy banks that are convenient for growing a decent saving, so that might be of interest to you.
Most piggy or coin banks by their very design are pleasing to look at. That means that besides using them to put away some money, you can also use them as decorative pieces in the house. The piggy bank may not necessarily come in the design of a pig, but some are modeled after other animals or objects. So you could choose to become a collector of them and make them serve the double duty of storing your money and brightening up your house.
Disadvantages – When you are saving money, it is usually for a particular reason. Therefore, it is in your interest to ensure that it accumulates enough to achieve your goal. For instance, if you are saving to treat yourself to a night out on the weekend, it is possible to get tempted during the week to use the money for something else because it is readily available. It requires that you exercise self control and discipline to not raid the piggy bank at will just because it is convenient.
Piggy Bank Products
..There are really no disadvantages of keeping money in a piggy bank except that you may get tempted to withdraw some amount when you need it. But it is really not such a bad idea to withdraw money when you need it. The piggy banks serve as your instant back-up plan. You have to go to a bank and withdraw money and that involves time and energy. On the other hand withdrawal from a piggy bank home is very easy.
A piggy bank need not act only as a place where you save your money; it can also be used as an decorative piece in your house. A lot of them are shaped like a pig, but you can get one in the shape of other animals or objects. They also come in different colours and themes to suit your taste. You can also buy a plain piggy bank and use your paints and brushes to decorate it whichever way you want. So, the whole experience of saving your money in a piggy bank need not be a boring affair. You can use the piggy as a conversation starter when you have guests in the house.
As there are so many choices of bank and building society, it pays to shop around and check all the various offers and interest rates. Sometimes banks offer high interest rates to attract customers, which are then reduced after six months or a year, so it can pay to keep an eye on the highest interest savings account and move your money around. Lastly, it is important that you keep an eye on your child and see that he develops good habits. You must teach your child to save first and then spend. Inculcate good habits in him and give him chores that would help him in earning money. Piggy banks would go a long way in developing your child’s acumen for saving money and with every hard-earned dollar he would be motivated to live a fulfilling life in future. The growth process is maximum during childhood so use the time to teach your child the best things about life.