4 Reasons to Use A Piggy Bank (And What To Do Once It’s Full)

In an effort to further encourage all of our customers to follow our 2015 financial resolutions, we wanted to highlight one of the easiest, most convenient ways to save: the piggy bank.

Every person receives a piggy bank at some point in his or her childhood. It’s one of the most effective ways for parents to teach their children the value of saving money rather than spending it. More importantly, the piggy bank is also a good reminder for parents and young adults who may have forgotten the importance of saving.

Below are five reasons why every person, young or old, should be using a piggy bank:

  • It helps organize loose change. Rather than losing all of those nickels and dimes under the couch cushion or in your car, hold onto them and place them inside a piggy bank. Not only will this help cleaning up the house and car, it will also further reinforce good money savings habits.
  • The money adds up. When it comes to finances, it’s always important to set goals… Using a piggy bank is an easy way to help you reach those goals. Whether you’re looking to save for a new car or for a warm winter vacation, adding to a piggy bank will visually show how close (or far away) you are from making that purchase.
  • Sets a great example. Piggy banks are an easy and effective way to teach youngsters in the family about the importance of saving. They may not be saving up for a big purchase, but they certainly want to save up for something, whether it’s a new toy, a new phone, or a new video game. Teaching them the benefits of using a piggy bank will go a long way in the future.
  • Reinforces “Always Be Saving”. Saving should always be top of mind. As Benjamin Franklin famously said, “A penny saved is a penny earned”. Whether you’re depositing a portion of your paycheck into a savings account or stuffing change into a piggy bank, every little bit helps. With a piggy bank, you’re literally able to watch your money grow every time you save. This is a great habit to keep with you throughout your adult life.

Now, we know what you’re thinking. What do you do once the piggy bank is full? There are a couple of options.

  • Reward yourself with a treat! Whether it’s a new designer handbag, a lobster dinner, or a small vacation, (and put the rest inside a Great Midwest Bank savings account).
  • Donate a portion of the money to a local charity in your area, (and put whatever is left inside your Great Midwest Bank savings account).
  • Invest some of the money, (and put the rest into a Great Midwest Bank savings account).
  • Put all of it into a Great Midwest Bank savings account. If you don’t have a savings account, stop into any of our nine conveniently located branch locations and learn about our your options today.

Happy Saving!

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