As Paul Kelly said, “From Little Things Big Things Grow”, and so does my savings in the piggy bank. I know a weird way to start, but it is true. Saving all your coins is the smallest way to start on the road to saving and it is obtainable by all. I urge you all to give it a go.
Have you ever thought how do I get the edge? Well I know I have, and by pocketing your coins you can find one. After raiding our piggy bank we have paid for pizzas with coins (and this was not something that the delivery driver appreciated but did so with a smile – it is all money right?) Hubby and I have also ventured to a restaurant and of course the movies and used our coins from our piggy bank (mind you these coins were all counted in the bags that the banks give you – so not a pain for the person at the checkout). I am not sure many people do this but we are not shy when we are in a spot, and paying with coins is needed. Do you have a rainy day fund? We were lucky we did.
As I have mentioned we collect our coins to add to the family’s piggy bank and to also add to the twins piggy banks. Do you save the coins in your household? Or do they get spent? Easy done as things are just so expensive. You will be amazed at how quickly the coins start to add up, and it is exciting to see it grow… I just love watching the tin get harder and harder to carry or to even lift (This is the time I wonder how much is in the piggy bank? And bets are placed with hubby to see who will be right once it is full – I lost this year, I won last time.)
Just by collecting coins alone you will not believe how much you can save in a year. How much do you think we saved last year? We managed to get nearly $600 from our piggy bank and if that is not amazing enough, the year before we were lucky to save nearly $900 in coins alone. We had to open our piggy bank early this year from last year’s savings, as hubby’s car was sick and very unwell; it needed some urgent medical care that was super expensive. Unfortunately Medicare does not cover cars; however we were lucky that we had nearly $600 to allow us to survive until the next pay day. Not having the money from the loose coins would have meant things would have been tight to very difficult.
In the past we have used the money our piggy bank (not the kids ones) to either pay more off the credit card, an extra payment on the mortgage or even a trip away for a weekend. The choice is up to you. You might add the full amount to a savings account to grow and add to the savings account each time you fill up the piggy bank. Having a rainy day fund or a savings account gives you options and choices. It allows you to not get stressed or upset when faced with a crisis. What would you do if you lost your job, needed money to fix a car, TV, washing machine or your cat/dog needed surgery? I know not nice things to think about but the coins will save you if you believe in them.
We have taught our twins an early appreciation for money and saving. They have been given piggy banks that they have decorated themselves, and they are getting too heavy to lift due to the amount of coins in them. Getting the kids involved in decorating their own piggy banks makes them more involved and interested in saving. Why not give this a go with your own children.
My tips for saving:
- Get a big tin/piggy bank and put all coins in it.
- Use the proceeds of the tin from a year of saving and put into a high interest savings account. Rams Saver Account is perfect. It has a high interest rate of 4.92% (See site for details). Then start the piggy bank for the New Year then at end of year put the savings into the same account and so on. This will build your savings without too much stress on you or your lifestyle.
- Start a bank account for your child/children now. Put in as much as you can, anything will help. By the time they are old enough they will have a little lump sum – Compound interest is a wonderful thing!
- Instead of toys that the kids don’t need ask relatives to deposit say $10 or whatever they can afford to the child bank account. Children now are getting so many toys that it is so had to keep up. Helping your kids get the house in the future (you don’t want them living with you forever!) or even paying for education might be the next headache. This bank account might help with the first house/flat, education fees or even a holiday.
- The piggy bank from the coins saved could even be an extra payment to your mortgage (extra payments on your mortgage will help you pay less interest and allow you to own your home sooner).
- The girls decorated their own piggy banks. Why not do this as well. You can get kits that allow you to create anything you want on your piggy bank. This is one way to fire up the interest in a young child about money and saving.
- Figure out what you can cut back on and do it, any saving will help you attain your goal is worth the sacrifice. Maybe you can live without Foxtel? Or say going to the pub each weekend? The choice is yours and once made I am sure you will see the savings. Hubby and I gave up pay TV years ago when we had to save money and have never looked back.
- You could also use the piggy bank coin fund to purchase all your Christmas presents with. This way it is stress free and you can do it with cash not credit. This would make for a Happy New Year.
Since we have cracked open our piggy bank we are back to square one again. It is sad that we have to start again, but we are glad we had it available in our time of need. A new piggy bank has been started and soon it will be too heavy to lift. What goals do you have for your savings? My goals are below:
- Short savings goals – Reduce debt.
- Mid savings goals – To get a good savings account happening – have a good safety net available. Maybe have the ability to go on a family holiday (Bring on Fiji or Europe)
- Long saving goals – To build our new house and have all the things we are dreaming of.
What are your goals? What would your savings account get you if you had all the money you needed now? Why not check out the RAMS website and see how much you can save, the RAMS Savings Calculator is just a great tool.
I know people say money cannot buy happiness (I would like to give it a go if I was given millions to debunk the theory) but it sure does give you more freedom and choices. Start a RAMS Saver Account today. Start small with loose coins and build your dreams from there.
Happy saving everyone and please feel free to send in your tips and tricks to save more money or cut back.
Note: I am participating in the RAMS Loose Change Round-Up.