As a child, I remember having several piggy banks, but none was an actual pig. My mom also collected piggy banks, so I suppose my mild obsession with piggy banks may have come from her. As a family, we had one collective piggy bank and I’ve thought of starting a family piggy bank with Squeaker. All too often, when kids become adults, they forget about those savings lessons learned in their younger years. They spend every last cent out of each paycheck, and they end up without anything left over. Wouldn’t it be great if we could save up some money to have fun with as easily as we did in our youth?
Actually, there’s no reason why we can’t. A family piggy bank works just as well as those piggy banks that we had as kids. And with the entire family chipping in their change, it can add up much faster than it would with just one child contributing. Here are some tips for having a successful family piggy bank.
* Get the family together and decide what you’re going to do with the proceeds beforehand. Maybe everyone would like to go on a trip to Disney World, or perhaps a new home theater is on your family’s wish list. Talk it over, and take a vote if necessary. Having a concrete goal will help motivate everyone to pitch in as much as possible.
* Find out how much money you need to make your goal happen. If you’re planning a trip, be sure to include everything, from travel and lodging to tickets and meals. Prices may change by the time you save up the money, but at least you’ll have a general idea of how much your family needs to save.
* Find a nice, big bank. Since you’re saving up for something big, it’s good to have a large container for the change so that you won’t have to empty it so often. It’s also a good idea to use a bank that allows you to remove the money without breaking it, because you may or may not have enough money to meet your goal with one filling.
* Keep the bank in a place where everyone in the family will see it often, and remind family members periodically to contribute. It’s easy to forget about saving your change as time goes on, so take it upon yourself to make sure everyone is putting money in from time to time.
If everybody contributes regularly, the change will add up much faster than you think. In a few months, you may have enough to meet your goal. The family will get a special treat, and the kids will learn first-hand about how beneficial saving money can be. Another place to look for money to add to your piggy bank? Between couch cushions. Or if you have cans and bottles that you return for recycling, put that money into the family piggy bank.
Starting a family piggy bank just may inspire your child to start saving regularly and who knows, they may pass this family tradition on when they have children of their own. It’s never too early to start teaching children the value of saving money and starting a family piggy bank is a fun way to do so.
A family piggy bank is also a great step into talking about starting a family budget.