Tips for Saving with a Money Box or Piggy Bank

A piggy bank is great way to save money without feeling like you're making any sacrifices - which is especially good for people who hate budgets!

Here are some tips to make the most of your piggy bank.

Tip #1. Don't put all your small change into the piggy bank - only deposit the coins which have the highest value.

For example: as an Australian, I only deposit $1 and $2 coins...not the small 10 cent or 20 cent coins, which take FOREVER to add up to a worthwhile amount of money.

Tip #2. Put the piggy bank somewhere prominent (preferably in the same place where you keep your wallet or handbag at night). Make it part of your daily routine to deposit into the piggy bank.

Tip #3. Don’t waste money buying yourself a piggy bank or money box if you don’t already have one. Try using an old 1 litre liquor bottle, or slit a coin hole into a hard cardboard box.

Tip #4. After three months, count up your coins. Then calculate the average amount you’ve saved per week, by dividing total by 17.nne.g. $120 in piggy bank...divided by 17 weeks = around $7 per week.

You didn’t miss that $120 dollars, right? So why not go one step better and open a high interest savings account. You can set-up an automatic transfer of $7 per week from your regular account to your high interest account.

Provided there are no additional transaction fees, weekly deposits into a high interest account will earn you more than monthly deposits. This is because the interest you earn is calculated daily, therefore more often you make a deposit the more money you’ll make!

So get started on your new "Piggy Bank savings plan" today - it's such a simple way to kick-start your savings.