Oink Oink – The Piggy Bank Approach to Savings

You probably haven’t had a piggy bank since you were a kid. And I’ll bet that piggy bank got raided a few too many times for candy, movies, and toys. But now that we’re adults, and have mastered the art of self restraint {insert snickering here}, it’s time to give the piggy bank the respect it deserves.

We’ll start by calling it a coin bank. That makes our change collecting endeavor sound much more serious and mature {insert more snickering}.

I recommend a sophisticated piggy coin bank to encourage your own penny pinching – something that can sit on your counter as a daily reminder of the process of saving. A 401k, Roth IRA, and automatic savings are all wonderful and necessary to plan for the future, but nothing is quite as fulfilling as the tangible evidence of your savings.

Plus, cash on hand is much more accessible on a rainy day, and who says you can’t have a little spontaneous fun with your loose change every now and again?

Here are a few coin banks that I love:

• Jonathon Adler Midnight Elephant Bank
• His and Hers Banks – perfect for Penny Wars!
• Money Tree Coin Bank – the tree “grows” as your savings increase!
• Computer Key Money Box
• Clear Glass Piggy Bank

Once your coin bank is prominently displayed, it’s time to start saving. Here’s a few tactics I’ve used to kick start my penny pinching:

• If you’re budget is a cash system, you’ll have plenty of extra change to fill your bank. Make a habit of emptying your pockets into your bank at the end of every day.
• Up the ante. At the end of the week, commit to contributing a percentage of your remaining cash or all your $1 and $5 bills to your bank.
• Make saving a friendly competition with a game of Penny Wars or see who can reach a set dollar amount first. Winner gets to pick how the money is spent.
• Have a goal in mind. Do you want to save for your next vacation? A night out for your anniversary? A  new patio set? Whatever it is, saving towards something specific is a motivator.

Putting the piggy bank method into action may sound silly, but I think you’ll be pleased at how gratifying it is when your coin bank is full!