Money Talk With Slater

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Daily archives "October 22, 2018"

Reasons to Have a Piggy Bank

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In an effort to encourage all to save, we want to showcase one of the simplest, convenient ways to save: the piggy bank.

Piggy banks are a great way to save money from childhood all the way to adulthood.

Each person gets a piggy bank at some point in his or her childhood. It’s one of the most efficient ways for parents to teach their kids the value of saving money instead of spending it. More importantly, the piggy bank is also a great reminder for parents and young adults who might have failed to recall the significance of saving.

Here are the reasons why everyone, young or old, must have a piggy bank:

It helps keep loose change. Rather than losing all those nickels, dimes, and especially pennies under the couch cushion, in the bottom of your purse, hold onto them and put them inside a piggy bank. Not only will this aid in cleaning up the car and house, but it will also further strengthen good money savings habits.

Sets a great example 

Piggy banks are an effective and easy way to teach children about the importance of saving. They may not be saving up for a huge purchase, but they might want to save up for something, whether it’s a new toy, a new bike, or new clothing. Teaching them the advantages of using a piggy bank will go a big way in the future.

Reinforces “Always Be Saving” 

Saving should constantly be top of the mind when it comes to money. As the saying goes, “a penny saved is a penny earned.” It doesn’t matter if you’re putting some of your pay into a savings account or putting change into a piggy bank, every little bit helps. With a piggy bank, you’re able to see your money increase every time you save. This is a good habit to keep even throughout your adult life.