Piggy Bank VS Bank Account

Saving is a good habit to do. But did you know that there are many different saving habits in each person? Including some who choose to save through a bank account, but many also choose a piggy bank. The easiest and fastest way to save, saving in a piggy bank is often chosen by most people in general.

Of course, it is interesting to know why it is more chosen than saving in the bank. If you want to know more clearly, look at the information below.

Piggy Bank Definition

Of course, many are familiar when talking about piggy banks. But what’s more interesting is the history of this subject behind it. Perhaps many are curious why it is so named. Or maybe many want to know the basic definition of this.

Piggy bank is the traditional name for a coin container commonly used by youngsters. It is also known as a penny bank or money box. Money collectors refer to this term as a “still bank,” in contrast to the “mechanical banks” common in the early twentieth century. Companies frequently utilize this piggy bank for promotional purposes. The adoption of the term gave rise to the well-known “pig” form, and many financial service organizations use it as logos for their savings programs.

Ceramic or porcelain piggy banks are the most common. They are often decorated and used as an educational tool to teach youngsters the fundamentals of thrift and saving. It includes a rubber cap on the underside for coin access. Furthermore, some models have computerized systems that calculate the amount of money deposited.  While some others necessitate destroying it with a hammer to get the money contained therein.

Piggy Bank Concept

The idea of putting money in a container to conserve it dates back thousands of years. While money boxes are frequently fashioned to resemble piggy banks these days. Since they have not always been connected with the farm animal. They’ve appeared in a variety of shapes and sizes over the years.

The first known instance of a money container originates from the second century BC. An item like a miniature temple with a slit in the pediment was discovered at Priene, an ancient Greek colony in what is now western Turkey. More ancient money containers going back nearly two millennia have been discovered throughout Italy, as well as in Germany and Great Britain.

While certain money receptacles in the past were fashioned like pigs, now not every type of money container is shaped like a pig. There are many alternative designs available these days. Some are boxes with little or no theming, while others refer to other animals, bank safes, or even well-known feature characters from movies and TV shows, for example. Some individuals save their money in containers such as jars or boxes.

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The Benefits of Piggy Bank

Many benefits can be obtained by saving in a piggy bank. Some of the benefits that can be received, for example, are as stated below.

• The biggest advantage of saving is that it allows you to plan for unforeseen expenses. An appropriate emergency reserve is required for good financial health. When an unforeseen need arises, an emergency fund will come in handy. Saving a portion of your salary for an emergency fund reduces your chances of becoming caught in debt when an unexpected need occurs.
• Saving money gets you one step closer to financial security. It is self-evident. A person who has money will be more relaxed while coping with numerous future situations that may need charges. Savings can be used to meet these unexpected expenses. On the other hand, if you have no savings, your funds are vulnerable to financial issues at any time.
• Cash flow management, also known as healthy cash flow, is a financial skill that must be thoroughly learned if you wish to achieve financial success. It is critical to realize that if you do not save frequently, you will not have a healthy cash flow.

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Piggy Bank VS Bank Account

Of course, nowadays saving can not only be done in the piggy bank. But many also choose to use a bank account. However, some fundamental differences make many people prefer to save in a piggy bank rather than in the bank. Some things related to this choice are as follows.

• Saving in a piggy bank is easier and can be done directly. Meanwhile, saving in the bank must deposit money first either on the money deposit machine or come directly to the bank.
• Saving in a piggy bank there is no minimum nominal. In contrast to bank accounts that have the requirement of a deposit amount and a minimum savings balance amount.
• By saving in a piggy bank, then whenever funds are needed can be taken quickly. Meanwhile, bank accounts require a different process of taking funds.

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Closing and Conclusions

You almost certainly had a piggy bank as a youngster. These little, pig-shaped containers are intended to educate us on the importance of conserving money rather than wasting it. They are popular in many countries and have a fascinating history. In addition, this way of saving is the easiest concept. So it’s not surprising that after seeing the explanation above, more people like to save their own money at home using a piggy bank.