This morning NPR reported that according to a Capital One Financial survey, Americans are more likely to put money in a piggy bank than a money market account (42% vs. 35% of respondents, respectively). Turns out the most popular savings method in these United States (favored by 65% of the 800 people surveyed) is a change jar, as in, ye olde coffee can or glass jug. Half of all people using a piggy bank or change jar say they add something to it every day.
While financial gurus advise against the piggy bank (preferring methods that earn interest on savings), the strategy certainly has survived the test of time. In fact, the phrase “piggy bank” originates from the archaic word “pygg,” a Middle English term for the clay once commonly used to make household jars, which in turn were used for storing money. (Gotta love that Wikipedia.)
Having just witnessed a friend dump six months of collected change into a CoinStar machine and end up with a tidy $180, I recently started a change jar of my own. (I can already tell the toughest part of this endeavor will be forcing myself to wait a sufficient amount of time before racing to CoinStar with dollar signs in my eyes.) The financial advice blog Get Rich Slowly advises feeding your piggy not only loose change, but one dollar bills as well, since this can quickly add up to $500/year. Whether you invest it or use it for a special purchase, the amassed coinage (and singles) ends up feeling like a windfall.
If coffee cans are a little declasse for your taste, perhaps you’d prefer the Money Savvy Pig (above, right). Designed to teach kids about saving money, it comes with four separate slots for saving, spending, donating, and investing and works great for grown-ups too ($15.99). Can’t bear to save without style? How ’bout the sleek, mod “bank-a-bank” from UMA (featured on Oh My That’s Awesome and at left; $12.00). Worth saving up for!
I was listening to the NPR segment on my way to work…..I also agree with the idea of saving change in a jar or container…You can take it to Coinstar and they count it out for you and there you go…..I gallon filled is approx….$200…not bad for so little effort.
Is it just me, or does that UMA bank look just a little… suggestive?
If you don’t have a place to put change what do you do with it? Spend it? Lose it? Glue it to sidewalks?
Laurel — give it to me. I LOVE collecting change and will gladly accept donations.
This year we used our change amassed over the year as extra ca$h during the vacation– nearly $250. Coinstar may be the most satisfying part of saving change.
We have two money savvy pigs at home and there is no better way to teach kids (and remind the adults at home) about saving, spending, investing and donating. So glad you knew about the litle blue pig!
Speaking of that little blue, 4 chambered, piggy bank, what a great idea. It has taught my young daughter to think before she automatically moves into spend mode. I am banking (no pun intened) that it makes her “money savvy.”
Using Coinstar is a total waste of money. The percentage they take off the top is exorbitant. Make sure you read the “fine print” before you use one.
Be much cheaper to pay a young kid to sort, count and roll your change and then take it to the bank. Cheaper for you and educational for the kid.
Or just take it to your bank, uncounted. The bank has change counting machines too, so no need for an education in busy work…