Piggy banks are a classic, simple way to save some extra money. They are often given to children to help teach them a fun way to save money, but piggy banks can be used by frugal people of all ages. There are a few tricks that you can use to make piggy bank saving even more successful.
A piggy bank is a place you should put your spare change. Dropping loose change from your purse, pocket and car cushions into a piggy bank will keep you from knowing how much money you have accumulated until you open up the piggy and count up the change. You can take the saved change to a bank to deposit it into an account or in exchange for bills. This process allows you to make the most of every cent you earn, which can accumulate into saving of $10 from a piggy bank of pennies, up to at least $50 from a pig of quarters.
Buy a few piggy banks in different colors, and use each color to drop in a different type of coin or bill. This saving trick will help you be more organized with your money, and can lead to more saving since you can keep better track of the money you have, as well as how much you want to put away rather than spend. Once you fill up a pink piggy bank with pennies, you can wait to fill up your green piggy bank with quarters, then take them both to the bank to get the most out of your saving strategy.
Money saving often takes some goal setting. Strive to fill up the piggy bank before you are allowed to do certain things, such as book a vacation or buy a new item of clothing. This creates incentive to use a piggy bank more and, therefore, creates more opportunity for saving money.
Bank on Bills
A piggy bank is most commonly used to save change, but putting in bills will help you save money faster than if you put in change. Even small bills, such as $1 and $5 bills, will add up quickly if you put them in a piggy bank. A piggy bank full of $1, $5 and $10 bills can quickly add up to several hundred dollars. After you have filled the piggy bank, empty it, then take the money to a bank to deposit or to get the amount back in more manageable bills.