The legend of piggy bank started much before the banks originated, when the money was stored in small kitchen jars; as the metal was expensive and seldom used for household wares. And hence, dishes and pots were used for money saving purposes. Perhaps it is difficult for us to comprehend this today, where most of us have taken piggy bank for granted.
And so the story goes…
Six hundred years ago, these jars were made of orange clay called “pygg”. These jars were used to save any extra coins that were saved from their earnings.
The original piggy bank was made in terracotta in the shape of a pig with a slot on the top for depositing the coins. To open the piggy bank, it had to be broken. Hence, in the fourteenth century, another hole was made at the bottom to take out the money as and when needed. The word “pygg” evolved into “piggie” and later on also called as “pig”. Today, it is difficult to find any ancient piggy bank without a hole as all of them surely have been opened.
Even though piggy banks are an old concept, they are still being used today worldwide. This might get you wondering why piggy bank systems are still being used, especially when we have now evolved to internet banking system. So, what could be the reason? Let’s take a look at how this ancient concept can also be applied today.
- First Step to Savings: If you have just started to earn, it may be a good option where you can learn how to save your money.
- Simple Saving System: It is a convenient and simple way to save money and later one day, open up the piggy bank to use it for buying a gift or organizing an event. It can also be put into a savings account if need be.
- Savings in Small Amounts: If you are earning in small amounts and over different transactions, it is more convenient to save money in a piggy bank rather than in a bank account. You don’t really need to have lots of money like you need when you open a savings bank account where you also need a minimum deposit amount. A piggy bank also gives you a feeling that the money is in front of you and is being saved.
- Saving Coins: Many of us collect coins during the day and find it easy to deposit them into a piggy bank. Even though at that moment, they might not mean much but they can make up to a huge sum over a period of time.
- Visual Education for Kids: Saving money in a piggy bank teaches our kids to value money and learn to save at an early age. They can also save their money for a much-needed item or an occasion which teaches them attributes like patience and perseverance.
Even though the piggy bank has its importance, it does not mean that having a savings account in a bank is not important. It also has its own value and usage. For e.g. a savings bank account can give us interest and is a much safer means of savings.
Therefore, along with upgrading your banking systems, remember to embrace the piggy bank to reinvigorate yours’ and your kids’ interest in savings. In fact, in some European countries piggy banks are given as gifts, as it is associated with luck and good fortune.
So who doesn’t need the extra luck that “lucky pigs” can give?