Bring Back the Piggy Bank: A Return to Saving Simplicity

ost kids have a special place where they keep spare change, allowances, and birthday money. Sometimes it’s a coin jar, sunken part of a mattress, shoebox, or the round, smiling plastic creature known as a piggy bank. While the idea of a glutinous farm-animal hoarding money is amusing, the concept is a good one: save extra money for a rainy day or special occasion. Unfortunately, by adolescence, most piggy banks go the way of toy trains, stuffed animals, and play-doh. Money management becomes increasingly complex as we get older: CDs, 401ks, stocks, bonds. Getting wrapped up in what to do with your spare money sometimes prevents you from productively saving it. Especially in this economic climate—with the market soaring and crashing like

the Tower of Terror theme ride—taking a chance on a stock or even a mutual fund sounds terrifying. “Safe” investments aren’t much better. Hobos earn more than current CD yields. Thus, why not return to the piggy bank concept? Save extra money, lock it away from your checking account. Plain and simple. Open a savings account at your local bank and aim to put 5-10% of your paycheck in every month. If this isn’t feasible, try to cut down on your daily spending. A few opportunities to maximize your piggy bank deposits: Skip the popcorn and sodas at movies. Average savings: $10-15 per movie.

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Bring Back the Piggy Bank: A Return to Saving Simplicity