by Erik Van Tongerloo

Created on: December 07, 2009   Last Updated: June 29, 2011

Life is expensive and we all search different ways to save. We often forget how easy we can save money with a piggy bank. Loose change is often forgotten money and many people don’t have a real system how they can accumulate this money into a real savings plan. Using a piggy bank is a good system to increase your savings faster than you may think. Most people adore this pig which collects coins and saving money will turn into a funny habit.

Here are some tips how you can save money with a piggy bank:

*Respect the value of loose change

Loose change looks as money with almost no value. You may wonder how fast you can accumulate a large amount when you save all these coins in a piggy bank. The value is often underestimated and adds up very quickly. It is necessary to respect the value of loose change because these will turn quickly into big money.

*Make a system to collect daily money in your piggy bank

Many people have the habit to put coins in their pockets or purse. It is a good idea to empty your wallet and purse every day and put the coins in your piggy bank. It is also best to search in different places in the house where you may have put loose change and store it daily in your piggy bank. You may wonder how much money you save daily in your piggy bank.

*Place your piggy bank in a visible place

It is best to place your piggy bank in a visible place in your home, for example the living room, the kitchen or any other place where you and your family members often are. Every time you pass around your piggy bank will remind you to store your coins there.

*Involve your family members

It may be best to involve all your family members to save loose change in your piggy bank and it is maybe best to reward your children if they save more than the target you set for them.  Another good idea is to buy a piggy bank for you and your spouse and one for every child you have. Organize a competition where you reward your children with a percentile of the value of the coins they’ve saved for example 10% for the winner, 5% for the second one or any other reward). It may be also a good idea to use your piggy bank for a family activity, for example a short trip, some items you need in your house or anything else which is useful for the whole family).

*Don’t break your piggy bank

You may never break your piggy bank when you need cash. Your piggy bank may never be opened for purposes which are different than the goals you’ve set. It is best to open a savings account where you only transfer money from your piggy bank. You best develop a plan to transmit on the end of the month or any other day you’ve planned.

*Make a savings plan

Set a fixed amount aside each week and deposit it in your piggy bank. There are different ways to create such plan. You can store a fixed amount or you can put the money which you normally spend for playing the lottery, buying a newspaper, a magazine or some other expenses you can avoid.

*Pay cash

Paying cash is the best system to get more loose change in your wallet. Nobody likes to go shopping with a heavy wallet and you avoid this through storing these coins daily in your piggy bank. You may not spend these coins for other purchases because you otherwise don’t save money.

A piggy bank is not a toy anymore which is only used to teach children saving. Every family need to save money and you will be amazed how fast your savings increase if you deposit all your loose change in your piggy bank. You will not become a millionaire but you surely reach your financial goals faster and easier.

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