Did you know piggy bank savings are not for kids only? Adults can have them as well besides a savings account. Just like putting our cents into a piggy bank in our childhood gave us happiness, putting your loose change into a piggy bank can help you a lot financially.
We have heard lots of millionaires sharing a simple rule. They allocated 10 to 20% of their monthly income to their savings accounts. Piggy banks share the same purpose. You can place a small portion of your paycheck into your piggy bank. That will not only help you limit your spending but also help you spend on more meaningful things in life.
You can involve your kids in this habit and set an example for them. This will not only help them be financially responsible, they will also feel the pleasure of having accomplished something. You can build a better relationship with them and get to understand your kids in a much better way about their spending habits, their future goals and so much more.
You can start saving your money in one piggy bank savings account or you can have 3 different piggy banks and start saving money in all three without feeling money deprived all the time or without having the pressure of a savings account. So, if you want to improve your financial status and break your “always broke” cycle, let’s start with why you need three piggy banks.
Piggy Bank Savings for Your Enjoyment
This cute piggy bank will be for your fun and enjoyment. You can save money in this piggy bank for buying some luxury item meant for fun and spend it whenever you want. This way you won’t have to feel you are on a very tight budget and actually start enjoying your savings.
What’s the point of earning money and working day and night if we are not able to enjoy it? You will feel resentful and emotionally deprived if you always keep worrying about ways to cut your expenses and save some money. This way you won’t feel guilty about spending on some luxury item, because you will have your finances in control. You can create rules on how you want to spend this money. You can go on a summer holiday you always wanted to but could not afford, or ultimately buy a new gadget, a designer bag, or renovate your home or bedroom. Ultimately, you will feel that your life standard has improved and you are enjoying life without any guilt.
Piggy Bank Savings for Long-Term Goals and Rainy Days
We all have big dreams that float in the air, right? A big car, a big house, an investment, or something you can’t even think about buying right now. This piggy bank savings has the power to fulfill your bigger dreams and become your investment for tomorrow. You can use this money to invest in something big like stocks or rental properties or save it for medical emergencies and fulfill all your long-term goals. Don’t forget to build your emergency fund.
Ultimately, when you start saving for something big, you will feel more motivated and will start enjoying your 9 to 5 job, and even start a side hustle to increase your savings.
Piggy Bank Savings for Your Retirement or Your Children's College
That is the piggy that you won’t touch until you have achieved the goal you put the money in it for. That can be your retirement solely or for your kid’s college or something else. You need to put this money in a place where you won’t touch it before reaching your goals. You can entrust this piggy bank savings to someone you trust that can help you steer away from this money in any case except for serious issues.
Where do I find the Money to put in Piggy Bank Savings?
I know you are now very tempted to put some money into these piggy banks and you must be thinking, where do I get the money? The answer to this is to start taking baby steps. Start saving small and you will experience yourself saving more money each month. All you need is a dash of motivation.
Just like when we are on a diet, it does not leave us starving and eventually, we lose the weight. You can start taking 1 percent of your income into each piggy bank and increase the amount gradually until you reach your saving goals. You will feel that you are trying to lower your expenses naturally and have stopped spending money on things that don’t really matter to you.
Final Words On Piggy Bank Savings
Small drops make a whole ocean. Similarly, small cents make a dollar and more dollars make 100 dollars. 100 dollars add up to 1000 dollars. 1000 dollars, eventually, add up to make one million dollars. From buying a dress to buying a car, from buying a small pair of shoes to going on a vacation, can help you make purchases you could never have otherwise.
This piggy bank savings method can transform your life in a whole new way. You will feel free financially, experience peace of mind, and will again feel like having your life in control. You can pay your business loan, pay off your credit card debt, your student loans, and whatnot.
You will gradually see how much difference these small cents make in your life. You will start planning your life and prioritizing everything accordingly.
That will be your new life where you will start living rich today and in the future and drift from “always feeling broke” to “I have got control over my financial life”.
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