Start Saving Small
By the age of 10, all of us must have owned at least one piggy bank. Our parents usually gifted them to help inculcate the habit of saving small. After all, if you wish to climb a 10,000-foot mountain, you cannot do so in one day, but if you climb 30 feet daily, then you can surely reach your summit. And as they say – Wealth starts with saving one dollar at a time. The piggy bank works on similar principles to help us save one dollar at a time.
Why This Name?
Have you wondered why a pig has been a symbol of savings? Why not a cow or elephant, which is a bigger animal and can hold more coins?
In the Middle Ages, people would save money at homes as no credit instruments like banks existed. A few coins would be dropped in a dish or jar made by potters. These inexpensive containers were orange-colored clay jars called ‘pygg.’ The Saxons pronounced pygg as ‘pug,’ and the Middle English word for pig was ‘pigge.’ Eventually, the two words morphed into the same pronunciation, and pygg started been referred to as piggy. The word and the orange clay became more associated with the animal, and ultimately, a pygg jar in the shape of a pig was fashioned and sold to children.
The Piggy Bank As A Money-Saving Tool For Kids
For Christmas, I gifted my daughter a cute, eco-friendly piggy bank, and I asked her to start saving money for things she would like to buy. She puts in a mere 50 cents every day. It’s a small amount, but think about it, it’s easy to lose track of pocket change. You’ll be surprised just how fast a few cents can add up. In other words, you will be saving big amounts of money gradually but successfully.
These days, this time-honored coin-savings container is not only popular among children but also adults. I, for example, was planning for a nice trip that would cost $10,000. So, I started dropping 4$ a day in my piggy bank. Therefore, once a year, I would put the $1460 saved in my piggy bank to my savings account at an interest rate of 2%. As a result, in less than ten years, I was able to take that trip with my husband.
The Piggy Bank Helps Relearn Childhood Lessons
As I mentioned earlier, the piggy bank helps you learn the significance of saving small. In addition, we grownups often forget this simple lesson and relook at our finances only when a big, unavoidable expenditure comes knocking at our door. The big-spending could be in the form of college education, business capital, or wedding. It may sound superficial to a few, but it can be of great assistance here. Therefore, just a few dollars every day in a jar or dish can prepare you for the bigger expenditures. It can result in a worry-free retirement, long-term medical care support, or simply a fun trip to an exotic island.