Picky Piggy Bank
This article is posted under Life Lessons, Money Saving Tips.
Back in college, I remember my roommate telling me about his habit of collecting 5-peso coins.
He would empty his piggy bank every month and show me his savings. I was always surprised to see how much he was able to accumulate at such a short period of time.
I asked him one time what he does with the money and he simply said that he uses it to buy himself something nice every month while keeping the rest in his savings account.
Thinking about those times made me realize how effective his strategy was to stash away some extra cash every month. I now call it the Picky Piggy Bank strategy.
Here’s how to do it:
1. Choose a denomination that you often come across with but small enough that you can afford not to spend it. To my fellow Pinoys, I highly recommend the 5-peso or the 10-peso coin but if you’re feeling bold, try the 20-peso bill.
2. The cardinal rule is that you are not allowed to spend the chosen denomination, so every time you receive it you are supposed to keep it.
3. When you get home at the end of the day, stash the chosen denomination into your piggy bank.
That’s it!
So what do you do with the money?
It’s really up to you but I suggest putting it in your savings account and use it for future investments. You will really be surprised at how easy and effective this technique is in saving you money. Moreover, it is a practical application of the principle of abundance.
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Photo courtesy of SXC
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Hi, my name is Fitz and this is my blog entitled, Ready To Be Rich.
Wow.. This one really works out for me. I usually save 20.00 a day in my piggy bank and I get the amount every 2 months and save it to my mutual fund. I am very happy that saving this much became my habit aside from slashing 20% of my net salary as my additional investment in my mutual fund. I hope there some more tips on how to grow our savings aside from piggy bank strategy.
i’ve met a lot of people doing the ten peso coin! I’ts quite effective, albeit heavy when the piggy bank is filled up LOL.
My friend used 10 and he asked all his friends to exchange it with his money para lang me makuha shang 10. Sabi ko sa kanya baka magkaroon ng kakulangan pero kebs lang daw.
He saved like 10,000 dahil sa kaadikan nya sa 10 pesos.
geeez! some people really don’t get it.. if you save P20 a day thats 600 for 30days. Why bother with a “piggy” bank then? Just take P300 to the bank every pay day. its the same thing.. whats different is not the “amount” saved but the “type” of money saved.. for example a person only banks shinny new coins and only spends the old ones. so everytime that person gets a shinny coin no matter the amount, it goes into piggy. so by the time you open piggy you won’t know how much it is until you count it. gets?!?
this is really effective as proven by my ex-gf (now my wife). sa isang taon na pag iipon ng 5 and 10 peso coins, thousands din ang naiipon niya talaga yearly.