Making the right piggy bank and not having the tendency to open such till the right time, can assist one to save money in the best way. I have outlined below some strategies you need to consider in an effort to cultivate and sustain good savings culture.
1. Choose the Right Piggy Bank: Make a selection of a piggy bank that you desire to use. It may be a miniature clay figure of a pig or any other figure that is used to save money, or it can be a box like a metal or plastic box with a lock on it. However, the idea is to pick something long-term and not easily obtained, especially for a long term.
2. Set a Clear Goal: Decide on what exactly you need the money for: be it a vacation, a new gadget, or rainy day money. This way, having a goal in mind is a motivation, one is focused, and they will not be easily compelled to just withdraw from the savings.
3. Decide on a Savings Plan: Finally, develop a habit of saving; this could be, for instance, saving a given amount of money in a bank at certain intervals with an intention of saving for a certain period in the future. You should therefore determine the amount of money that you will deposit in your piggy bank weekly or monthly. Consistency is key; therefore, select an amount you can save without resulting in more troubles financially, to avoid dipping into the account again.
4. Make it Inconvenient to Access: Hide the piggy bank somewhere you can’t easily reach it, such as in a drawer where you store clothes or utensils. Challenging access, therefore, decreases their likelihood of being opened on the whim. Consider using a piggy bank made of a hard container which can only be opened with a certain key or combination lock.
5. Track Your Progress: It is advisable that you keep a record of the contributions made so that no issue will be brought up in later dates. This can be just a log where you record your savings or an app that has a feature for tracking your savings. It is inspiring to look at your progress from the time you started your exercise regime, hence why you need to progress on a regular basis.
6. Avoid Temptation: The given adage helps to remind oneself of the goal every time that is tempted to open the piggy bank ahead of time. When you think of the reward you will receive if you wait for the right time, think about the result you want to achieve further from now. Children will often use a picture of their goal next to their piggy bank as a motivation.