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It’s always a good idea to set aside some money for a rainy day or for future purchases. But where you place it depends on your personal preference, what your thoughts are. Is security on your mind? Or is it maybe convenience? Whatever they are, you might have thought about getting a piggy bank to stash away some extra money. It might help if you understood what happens when you use one of these. Piggy banks have obvious advantages and disadvantages.
Benefit
We all have spare change left over from grocery shopping and other small purchases, and sometimes we stash it all over the house because we don’t have a central place to store it. A coin bank will enable you to keep track of small amounts that might otherwise just be lying around or lost. This can actually be a great way to save towards a small purchase like something you saw on sale at the store down the street. Small, regular deposits in the piggy bank will be sufficient to reach the desired amount. There are some large piggy banks that are convenient for amassing a nice savings, so this might be of interest to you.
Most piggy banks or coin banks are visually pleasing by their design. This means that apart from saving some money, you can also use them as a decorative item in the house. Piggy banks may not necessarily come in a pig design, but some are modeled after other animals or objects. So you can choose to be their collector and let them do double duty of storing your money and lighting up your home.
Harm
When you’re saving money, it’s usually for a specific reason. Therefore, it is in your best interest to make sure it is accumulated enough to achieve your goal. For example, if you’re saving up for a night out at the weekend, it may be tempting to use the money for something else during the week because it’s more readily available. This requires that you exercise self-control and discipline so as not to attack the piggy bank just because it is convenient.
There is really no harm in keeping money in a piggy bank, except that you may be tempted to withdraw some amount when you need it. But withdrawing the money when you need it is actually not such a bad idea. The piggy bank acts as your immediate backup plan. You have to go to the bank to withdraw money and that takes time and energy. On the other hand it is very easy to withdraw money from piggy bank at home.
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