Money Saving Tip - Feed the Piggy Bank

Saving change is fun and easy and it is one of the most painless ways to save money. Don’t think saving change adds up? Not true; ever heard of Coinstar? Coinstar, Inc. developed self-service coin counting in the early 1990s, and they are now a global company with coin-counting machines in almost every U.S. neighborhood as well as in the United Kingdom, Canada and Puerto Rico. Coinstar kiosks can change up to $600 in coins a minute and they do it every day!

Saving change was one of the earliest money management skills my parents taught me and my siblings. While we all manage our finances differently, we all save change, as do my nieces and nephews. If you don't save change now, find out how to get started and if you do save change, the following ideas will help you maximize your savings and can help teach your children about saving money.

History of the Piggy Bank

Families in the middle ages used a type of inexpensive, orange colored, clay called ‘pygg’ to make their household pots and jars. When a family saved coins, they most likely put them in a pygg jar, which, over time, became known as a pygg bank. Later, potters were often asked to make pygg banks. The potters, misunderstanding ‘pygg’, began making banks in the shape of pigs. To this day, piggy banks (shaped as pigs) are found and used around the world for saving money.

Saving Change 101

Every night empty your pockets and/or purse and put your change into a container. My significant other and I actually have two very large coffee cups; one for quarters and another for all other change. We use the quarters for laundry and the other change for something special.

It is fun to watch your savings grow.  If you think saving change doesn’t add up, I challenge you to try it for one month. If you leave change in your pocket or purse, you will probably spend it and have nothing to show for it. Saving your change each night is a painless way to fatten your piggy. By the way, the last time we rolled our non quarter change, we had $88 dollars to spend!

A store bought piggy bank is nice but you and/or your kids can easily make one too. My 8 year old niece, Madelyn and I made the cute bank she is holding from a recycled coffee can. We had a lot of fun decorating it and she is going to use it to save for something special. A piggy bank is a great tool for teaching adults and children about goal setting, self discipline and patience.

The Frugal Buzz: How long have you been saving money?

Madelyn: Since I was six years old.

The Frugal Buzz: What are you saving for?

Madelyn: I am saving for college and to buy things.

The Frugal Buzz: How do you get money?

Madelyn: I do chores, I find money and sometimes I get money for presents.  Sometimes the Tooth Fairy leaves me money when I lose a tooth. 

The Frugal Buzz: How much money do you have?

Madelyn: I have at least $100. When my piggy bank gets full, we roll the change and put it in my savings account at the bank.

The Frugal Buzz: Why is it important to save money?

Madelyn: Because you never know when you might really need it.

The Frugal Buzz: Good job!

Madelyn: Thank you.

• A piggy bank doesn’t have to look like a piggy. It can look like a frog, a cash register, a football, a duck….use your imagination and be creative.
• ·If you don’t want a decorated piggy bank, just save your coins in any box or container with a slit on top or use an empty jar or milk jug.
• If you are using and decorating a container, wrap the container and lid separately and cut the coin slit in the lid.
• Make a bank with separate compartments or use different containers for saving, spending, donating, etc.

Advanced Saving Strategy

Ask your bank if they offer a program that rounds up debit card purchases and places the extra in a savings account. For example, if you make a purchase for $3.60 on your debit card, the bank deducts an additional 40 cents (rounding your purchase up) and adds the 40 cents to your savings account. So you would deduct $3.60 for your purchase plus the 40 cents that went into your savings account for a total of $4.00.

Saving change is the easiest way to save money and when you make it a habit you’ll soon see your savings grow.

Go to: http://TheFrugalBuzz.com for more money saving tips and ideas on how to live a more frugal life.

Go to: http://HomeMoneyFactory.com for tips to make money online.

• Here is an HGTV Plastic Bottle Piggy Bank project for inspiring creativity while encouraging children to save!
• Don’t want a piggy for a bank? No problem. Family Education provides instructions for a mailbox bank and a frog bank.
• Squigly's Arts & Crafts serves up a paper mache recipe for a piggy bank.  Warning: Wear old clothes and have plenty of old newspapers before tackling this craft.