Some of us grew up with a pink or blue piggy bank. It was our parent’s way of teaching us about savings. One thing about children is, that they are usually excited about money and want to spend it immediately on junk or toys. However, our parents had to curb that, cos they’ve been there too, and their own parents also curbed them. So, in order to make it exciting, real, and handy, they probably got you a piggy bank on your birthday, and any extra dollar or coins you get, you put it in that mini bank and keep it under the bed or somewhere safe.

Sometimes, a purpose is attached to it or a date to finally break the piggy bank. When it’s time to break it, everyone in the house is present to see how much you have accrued. Voila! You have saved $100 in total, impressive, right? So, you go on and on like that until you’re no longer a child and now save in a digital or traditional bank.

However, many adults still practice this traditional way of saving, as it has some excitement to it and makes savings easy if you’re disciplined. This is not about you saving today, and breaking the ceramic container tomorrow. It’s for serious people, otherwise, you will spend money buying a piggy bank every other day with no tangible result.

As an adult or a teenager, you have a piggy bank you have attached a purpose to, now you have a financial need and are wondering whether you should break your bank or not before it’s due for breaking. Let’s answer your question as to whether you should break it or not. 

What is a Piggy Bank?

A piggy bank is a ceramic or plastic container that is shaped like a cute little pig. A piggy bank has a stout form that mirrors the round shape of a pig. At the top, you’ll find a slender slot, just wide enough for coins of various sizes to slip through. This is where your coins or well-folded dollar notes will sit, waiting for the day to see the light again.

A piggy bank is used by both adults and children to save money for any purpose. When you are sure you have enough in it, then you can access the money by either breaking it or using another available option. For example, many piggy banks come equipped with a rubber stopper nestled snugly on their undersides, this is to help you gently access your money without destroying the container.

Benefits of Using a Piggy Bank 

Financial discipline

A piggybank is a non-living thing, it has a mouth but can’t remind you to come drop a few coins inside its belly. However, when you use one, it takes a conscious effort and discipline from your end to continue to remember to save in it. It could be the first thing you wake up to see every morning and you may still not be disciplined enough to save in it. Using a piggy bank has a way of instilling a level of discipline in you.

Goal setting 

The only difference between a piggybank and your traditional banks is, one is at home and under your care, while the other is away and under another person’s care. Both can serve saving goals when security is not an issue. You can easily tuck away money in your piggy bank to save for a goal or purpose. For example, if you need a new bike, and you don’t want to use your credit card to get one. You shouldn’t even use a credit card to make large purchases cos of interest rates and how it can affect your finances especially if you have other obligations or debts. You can use your piggybank to save daily or as you deem fit, and when it’s time, you could get your bike. Easy-peasy, right?

Educational Value

A piggy bank is of great educational value, especially for young savers. It’s a hands-on lesson in money management. It’s an engaging way to introduce concepts like saving, patience, and the value of money to youngsters. These are lessons that will stick with them as they grow.

Accessibility

Your piggy bank is always there, no apps or accounts are needed. It’s a straightforward, tech-free way to save, making the act of saving as simple as dropping a coin in a slot.

Should I Break My Piggybank Before It’s Due for Breaking?

Whether you should break your piggybank before it’s due is personal, but we can guide you.

It’s all about your priority. Why do you want to break it, and why were you saving in the first place? If you want to break your piggy bank just to splurge the money in it, it might not be a great idea. But if you have an emergency that the money in your piggy bank can take care of you, you may consider the option of breaking it. Just ensure that you start saving immediately towards the goal or start saving in an emergency fund account.

Final Thoughts 

Saving is a good thing if you want to be financially fit. Whether you have a savings account, an emergency fund account, or a piggy bank, what’s important is, that you should have some money tucked away somewhere, so you won’t be stranded when the emergency comes. But if have overwhelming debt, you should speak with a debt expert at EmpireOne Credit. Your debt can be reduced by up to 80%, and interest will stop immediately. Call us at (416) 900-2324 to schedule a free consultation with us. Being debt-free feels good!