Is piggy bank a good way to save?

I received the piggy bank featured in this article in exchange for sharing it with my community. Part of my journey to financial freedom includes teaching my children the importance of saving and this divalicious piggy bank helps make that lesson fun with my daughter.

Table of Contents Show

2. Pick a Goal
3. Be Consistent
4. Boost it With Some Bills
5. Don’t Touch It
Not a Cash-Carrier? Try a Digital Piggy Bank
Is saving money in a piggy bank good?
Which is better piggy bank or savings account?
Why do people keep money in a piggy bank?
How much money is usually in a piggy bank?

One of the first gifts each of my children received was a piggy bank filled with change from my mother. It was a gift that they, of course, were too young to appreciate but it was the beginning of their childhood lessons in the importance of savings. Piggy banks can be a valuable teaching tool for parents. Saving money is a skill that is useful at all points in a person’s life. Those that master it are generally better prepared for financial stresses that may arise. Getting a piggy bank for children can start them on the road to savings from the start.

Michele Stevens founded My Bambino in 1992 right out of college at the age of 22. Ms. Stevens wished to combine her two passions: art and living at the beach. She opened a retail store in Rehoboth Beach, Delaware with a few products that could be hand painted and personalized. At the request of a customer, she soon created a simple, hand-drawn catalog of items that the tourists could take with them and order from once they returned home. The rest, as they say, is history.

Today My Bambino is solely a mail order business and has over 300 products with more than 95 designs. The Butterfly and Flowers personalized piggy bank I received is perfect for Miss V’s room. We’ve been slowly decorating her room to be more toddler-friendly and having a sturdy and large piggy bank level to her day-to-day items works perfectly to reinforce saving her coins. It is so cute to hear her toddler-talk as she carefully drops each one in – “One money. Two money. Three money…”

Even better, watching the excitement she has adding coins to her bank is contagious. My older boys have gotten a renewed interest in their piggy banks and have asked for banks similar to their little sister’s. My Bambino has a large selection of designs that are appropriate for children (and adults) of all ages.

Jacqueline is a writer located in Southern California whose two life passions consist of writing and animals, but surprisingly she never writes about animals.

updated May 3, 2019

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(Image credit: Samara Vise)

2. Pick a Goal

Of course you can use your piggy bank to generally squirrel away money, but it can be really fun—and maybe even more motivating—to pick a specific goal. If you have a dream trip or an indulgent purchase you want to make, designate the piggy bank for only that goal. Another bonus: If your goal is more of a fun splurge than a necessary financial priority, a piggy bank savings plan is a perfect fit over more traditional saving methods—you don’t have to take money out of your paycheck or primary savings account to save extra cash towards a frivolous spend.

3. Be Consistent

A major benefit to the piggy bank is that it can keep you—and your pockets, wallet and car—from being weighed down with spare change. All of those seemingly worthless pennies add up! But if you forget to empty out your purse or pockets frequently, then a lot of that change will probably end up lost. Make it a part of your daily routine to round up all your loose change when you get home, or before bed. If every day is too often, shoot for making it a once-a-week habit, like on Sunday nights.

4. Boost it With Some Bills

To really see your savings grow, you’ll need to do more than just collect pennies. You can throw in the occasional spare dollar for a small boost, or consider taking on a bigger challenge: Keep (and don’t spend!) every $1 or $5 or $10 bill that crosses your hands—pick just one denomination—and take it immediately home to your piggy bank.

5. Don’t Touch It

Here’s the tough part: The next time you know you’ll be faced with a parking meter or a vending machine lunch, it will be tempting to raid your piggy bank for quarters, but you’re going to have to resist. (Instead, prep ahead and get change for your big bills—bonus: more coins for the piggy bank!) If you build the discipline to treat your change jar like a real savings account, your little nest egg will grow faster than you’d ever imagine.

Not a Cash-Carrier? Try a Digital Piggy Bank

If you always reach for your debit card instead of cash, try using a digital piggy bank of sorts. There are apps that will help you save your “change.” Some favorites are Acorns, which rounds up your debit purchases and invests the difference, and Digit, which uses an algorithm to transfer unnoticeable amounts (pennies up to several dollars) away from your checking account each day into a savings account you can withdraw anytime.

Is saving money in a piggy bank good?

A piggy bank helps us organize loose change. Remember, even though it's a small amount, it's your money and a little becomes a lot pretty quickly. Not only will using a piggy bank help clean up your house and car, a piggy bank also reinforces good savings habits.

Which is better piggy bank or savings account?

Money set aside in a piggy bank lies idle. Whereas, savings in a Savings Bank Account can earn you interest. Yes, most of the banks offer interest of around 3% - 6% per annum. In short, your money is put to work to grow wealth for you.

Why do people keep money in a piggy bank?

Many view them as a symbol of prosperity, wealth and luck, which lends itself well to the reasons the pig is considered a symbol for saving money. No matter what you believe, piggy banks arrived and became popular in the U.S. during the nineteenth century.

How much money is usually in a piggy bank?

On average, piggy banks store anywhere from 100 to 1,500 coins. Some include their actual storage capacities, namely high-tech and other modern designs.