Monday, 6 November 2017

Money Talk How to use a piggy bank to improve savings


A piggy bank  (Pinterest)
With an economy like Nigeria's, you have to find every possible way to save money. A piggy bank is a good and simple way of saving.
Traditionally, a piggy bank is a container, where money is kept.

Often in the form of a pig, but with the evolvement of time, a  piggy bank has changed from just being a container in the form of a pig to any container, mostly in the form of a box, which you can't break open or have access till you are sure you really need to use the money in it.

It could either be called a piggy bank or money box.

A piggy bag is mostly associated with children, but it can serve as an effective saving tool for adults.

Having a piggy bank help organize loose change. You can't keep going to the bank to save all the change left from your money, while some people don't just like the stress of having to go to the bank to save money.

Rather than spending all loose change on snacks and junk stuff, you can just put them in a piggy bank and watch it grow as you persistently keep putting in the loose change so a piggy bank serves as an alternative for saving money and also saving loose change every now and then.

Having a piggy bank helps to set saving goals. You can set financial goals with a piggy bank. it’s always important to set goals for yourself. Probably you want to get a new phone or a new pair of sneakers, using a piggy bank is a very easy way to get those goals. Giving you an idea of how much you've saved in it
Having a goal to achieve really helps encourages you to save money in a piggy bank but it takes a whole lot of patience and determination not to ever break it when you feel the urge to do so

Owning a piggy bank can also be fun, because you have a visible knowledge where you keep your money and there is always an excitement of anticipation, having to think about how much you already have in a piggy it and it also helps to develop a good saving habit.

It's a personal decision on how frequently and how much you want to put into your piggy bank. But it is advisable to put a substantial amount at the end of every week.

You can decide to break open your piggy bank after you have reached your financial goals, or you can go for a longer period.

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