 Do
you remember your first piggy bank? Most adults have fond memories
associated with their childhood piggy banks.
They vividly recall the thrill of dropping
coins and paper currency into the pig and watching the money multiply.
Later, they remember the feeling of amazement when the pig's contents were
counted time and again. Finally, they will never forget buying something
with their very own money.
Many great childhood memories are
associated with the piggy bank, but how did this manner of saving money
become so widely accepted and used? And, who invented the piggy bank? Why
did the pig -- a muddy, corpulent barnyard animal -- become associated
with saving money? Read on, because the answers will surprise you.
OINK SAYS THE PYGG
While the exact origin is a little
uncertain, historians speculate that the concept of a piggy bank started
in England during the Middle Ages, probably in the mid-1500s.
At this point in history, metal was still
seldom used and very expensive. So expensive, in fact, that common people
did not own any metal cooking pots or utensils. Instead, dishes, jars and
cookware were made from an affordable and easily available orange clay
that was called "pygg."
Families often kept any spare household
coins in one of their clay pygg jars, and these containers became commonly
known in England as a pygg jar and later a pygg bank.
Several centuries later -- probably around
the eighteenth century -- the name had evolved into piggy bank. Around
this same time, a handful of potters began making clay banks in the shape
and likeness of the animal namesake, which is how the first piggy banks
were born.
Children and adults were captivated by
these new piggy banks and the trend quickly spread throughout England.
These early models were usually ceramic and had no hole in the bottom.
Sadly, in order to retrieve the money, the pig had to be broken open! As
the years went by, someone thought to add a method of emptying the
container so the piggy was spared for another round of saving.
The piggy bank eventually became popular
throughout England as a whimsical "money-saving" device for young
children. The piggy bank isn't associated with any holiday and it has no
religious ties and it is found in many cultures from North and South
America to Europe, Asia and parts of Africa.
 THIS
LITTLE PIGGY SAVED A BUNDLE
Piggy banks have always been fun, but many
parents are now taking them much more seriously as they teach their
children the rewards of saving money.
The piggy bank encourages saving because it
provides children a physical place to store their money. And, unlike a
savings account -- which is a more difficult concept for many young
children to understand -- the piggy bank is tangible and the funds are
readily available. Plus, counting the money will lead to saving more. The
whole process allows the child to experience the gratification of saving
money at a very early age.
Many parents make adding to the piggy bank
a weekly ritual, especially after a child begins to receive an allowance.
An agreed upon portion of the allowance is dedicated to the piggy bank.
Parents can then use the piggy to help their child set financial goals.
With a little guidance from an adult, the child can dream and plan about
when and how to spend the money.
Especially for young children, it's
probably best to select a piggy bank goal that can be attained within a
few weeks or months as kids don't have the patience that adults have. The
goal can become more ambitious as the child matures.
The piggy bank can be a first step in
creating a "money-smart child." It can act as a springboard for good
saving and spending habits as well as the precursor for savings or
investment accounts that earn interest.
EVEN BIG KIDS NEED A PIGGY BANK
Piggy bank saving isn't just for kids.
Adults can do it too, and have some fun in the process. Many people have a
piggy bank for their spare change. Not a big deal, you're thinking? Think
again. The average person can save more than $600 a year simply by saving
their spare change.
It's pretty simple. Save all of your coins
from purchases throughout the day. Always use paper money and keep all of
your change -- yes, even the pennies! At the end of the day or every few
days, just drop the coins into your piggy bank. You'll need a pretty big
one because it will add up faster than you imagine.
Every few months roll the money and take it
into your bank. Don't spend the paper money. Sock it away in a safe place
at home. When it starts to add up, then open a bank account or another
type of liquid account for safekeeping.
We recommend saving for a year and then
making a decision on how to spend your piggy bank money. Perhaps you will
choose to spend it on a short vacation, a shopping spree, some spa
treatments or buy presents for others. You might opt to donate the monies
to charity. The choice is yours, but make sure you have fun mulling over
your many choices. |
