Piggy Bank | A Highly Overlooked Way of Raising Bulk Capital
A couple of times I have been approached by friends asking if I could make contributions towards one financial goal or the other. Of course, these requests were put across as loan and needed urgently.
For some, I gave what I could, while for one or two, I politely declined, knowing any money given would likely turn out to be a bad debt.
Now, while I gave of my widow’s mite, my mind went to the few ways one can raise needed cash or capital for a pressing need within a time frame and one of these ways that just refused to go off my mind is the piggy bank savings method.
Now a lot of people underplay the power of this seemingly crude method that puts bulky cash in your pocket, especially when you need it the most. To most, a piggy bank is met for kids and should be left at that.
I put this idea across to a friend and her response was a laugh, just as I expected. She then went further to state how nearly impossible it would be to save any reasonable amount of money in a piggy bank.
However, since I believe so much in this idea, I had to dig up a few stories of people who saved substantial amounts from a piggy bank over a period of time.
Lady Who Saved Her House Rent in a Piggy bank
Here is one of such cases.
This is the story of a man whose wife saved 147,000 naira ($408) , the exact amount needed for their house rent.
As the story goes, the couple’s rent expired and, but for the wife’s shrewdness and timely intervention, they would have lost their accommodation as their rent was due to be serviced.
Here is Another Lady Who Saved a Substantial Amount in a Piggy Bank
Another lady, pictured here also adopted this easy way of saving and was able to save up 489,500 ($1,360) in a little over a year.
These stories are inspiring and make you come to realize that the piggy bank is not such an inconsequential item like most people believe.
However, for you to record any success with the piggy bank saving if you do plan on adopting it, here are.
Some Qualities You Would Need to Possess
You Must be Disciplined
It take discipline to start a project as this and see it through. A lack of discipline will see you cracking open the safe whenever you run into any financial difficulties, thereby defeating the entire purpose.
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You Should Have a Prior Saving Habit
You should be someone who saves or again, you’ll most likely abandons the project halfway.
You Must Set Aside Money Regularly
You must decide on the denomination to save and keep at it regularly or you’d achieve nothing or next to nothing at the end of the day.
There you have it, a simple yet very effective way to save or come up with needed capital for that business idea, project, or family emergency that suddenly comes up.
Other Ways of Raising Bulk Capital
If saving money inside a box isn’t your thing, then you absolutely don’t have to do it as technology evolved and made savings a little more refined.
You can now save money straight from your bank account and all from the comfort of your home. There are quite a few apps that offer this advantage. The way it works, you connect the app to your checking account in an automated process and specify a particular amount that is to be transferred out of your bank account and into the piggy app.
You can also specify the duration at which money gets transferred out. For most of these apps, you receive a text alert every time money is removed that way you know at every given time how much has left your account.
One more benefit of using savings apps (an advantage they have over the very traditional piggy bank), is that you earn an interest on the money saved. You stand to ear up to 12% of tour entire savings, depending on the app chosen.
Some of these piggy bank savings apps to check out include:
- Simple and