Mmegi Online :: Financial wellness
Banners
Banners
Banners
Banners
Last Updated
Friday 14 December 2018, 17:40 pm.
Banners
Financial wellness

The humble piggy-bank
By Staff Writer Mon 17 Dec 2018, 05:54 am (GMT +2)
Mmegi Online :: Financial wellness








I once had a 'piggy-bank' when I was a child. My parents were trying to teach me how to save my pocket money instead of spending it all on sweets. At the time my massive weekly allowance amounted to P3.00!  I was seven years old. I had planned my spending of my P3,00 each week to get the maximum amount of sweets I could. My shopping list was as follows:

- One box of chocolates (called Dimples);
- 1 packet of Chappies bubble-gum;
- A few packets of Red-Mouth sherbet.

The problem was, we were going on a family holiday at the end of the year and my parents thought I should be saving my pocket money for that instead of spending it on "junk" as they referred to it. It was at that point that my parents taught me to save for the future. They did this by getting me a piggy bank - a jar for my money that was shaped like a pig!

The piggy-bank can work for you too
Now, although I am suggesting that your children are given a piggy-bank and encouraged to save a little, that's not all I want you to do. No matter how old you are, you need to start to save for yourself. Using a piggy-bank is a great way of starting to save - it's that simple.Teaching ourselves to save takes both discipline and desire. If we do not want to do something, even when we know we should, we won't.  You must first ask yourself, "Do I really want to have some savings?"

Discipline is difficult - make it a habit!
Learning the discipline of saving money in our society today is a difficult one. Everywhere we look, we are coaxed to pull out our wallets and spend-spend-spend.Temptations with specials, discounts and sales are all too much for us mere mortals.

-"Buy now, pay later"
-"Get it while stocks last"
-"On special - this weekend only"

These are all sales terms designed to make us think that if we don't buy today, we won't see another offer again like it.So how do we fight back, and save a little for those unforeseen emergencies?No matter the amount of money you are saving, the saving principle is the same. You need to get into the habit of saving money little by little. If you learn to save using just thebes, it is the same process and feeling of achievement. This is a great way to learn how to start saving.

Make your own bank
If you can't find a piggy-bank that looks like a pig, you can use many items at

Banners

home instead. (In fact, if it doesn't look like a piggy bank it will be safer from prying eyes.)  You could take a small container, maybe a cake tin, or perhaps a coffee jar and glue it closed! (The glue is both to keep you from weakening and "borrowing" a little, and to prevent anyone else getting tempted!) Cut a small hole in the lid, just big enough to push your money through.Then you need to set a goal: something that you would like to buy but can't afford. Remember, the purpose of saving money is so that you can spend it - it will give you greater pleasure later on!

Do it every day
Every day when you get home, take the thebes and pula coins out of your wallet and put them in your "piggy bank". You should also try to save more money at the beginning of the month - before temptation takes the spare money away from you.If you ever feel a little worried about money, or a little blue, take your container out and give it a shake. Hear all that money rolling around inside. This will give you a sense of well-deserved achievement. 

Time to crack open the bank
When your piggy-bank feels full, no matter how long that takes you, the time has come to "count your pennies". Open your "piggy bank" (use a tin opener if you have to) and pour all that money out.  You will feel very proud of your achievement and you will have learnt the first steps on how to save.First of all, don't get tempted to spend your money - it's taken you time and effort to save it up - why would you blow it now?The savings that you can dip into when something comes up that you weren't prepared for is known as your "Emergency Fund". Now, you do need to do something with it for security - you need to find a safer place to keep it and grow it. That's the point where you need a real bank. Every bank should be able to give you a low-cost savings account, so take that money to your bank and find out what is the best savings plan they have for you.Deposit the money into your new savings account and go home to start your next piggy-bank.  After all, did you really miss those coins in your wallet?

Elaine du Toit is the Operations Manager at S.C.I. Training, an organisation that runs financial wellness programmes in Botswana. For enquiries and comments contact them on 3180243 or training@scifinancial.com

Subscribe to our Newsletter
Banners
Banners
Banners


Banners
Banners
Subscribe to our Newsletter
have a story? Send us a Tip
Banners
  • Previous
    Next
    Masa Centre
    ::: Monday 17 Dec - Monday 17 Dec :::
  • Previous
    Next
    Riverwalk
    ::: Monday 17 Dec - Monday 17 Dec :::
  • Previous
    Next
    Gamecity
    ::: Monday 17 Dec - Monday 17 Dec :::
Selefu
Masisi, Khama
Banners
Banners
resim yükle