Ask Leo: Could piggy Banks result in financial stability?
I was scrolling through Instagram today and I saw a guy who opened his piggybank wooden box and was able to cash out over a million Naira. Growing up as kids, this was the first form of savings introduced to us but as time goes on, we stopped to focus on other forms of investment and I don't think this should be so. Saving in banks might not be as easy as accumulating money in the piggy bank. Most times some of us don't have two bank accounts, we only have one. Now imagine saving in just one account which you also use for your daily transactions, how difficult will it be to remove money from it? Infact it will be quite easy but for piggy bank. This is because most times the keys to the boxes are thrown away and some don't even have openings. They are sealed which means you will have to totally break it and destroy it before you can cash out.
Saving an accessible money is very very difficult. If you want to save, it's better to make the money out of reach which makes the piggy bank to be an advantage. Also it's easy to convert the money for daily unimportant expenses into savings in the piggy bank. You see the guy I mentioned about that saved over a million converted his weekly subscription of 6k into savings and also additional daily savings. As a person, there are things we always spend on daily or weekly which can be cut. They are not something you can do without. Now the money for these expenses can be saved in return. Before you know it, your savings as grew more than what you expect.
Personally, I don't think this method of saving should be dropped. It could even be there as our emergency funds. Something that is standby and untouchable unless the need is very important, needed and necessary. Get that box today, convert your unnecessary spending into savings and wait for a smile at the end of the day.
THANK YOU FOR READING MY BLOG TODAY, HAVE AN AMAZING DAY.🥰
Posted Using LeoFinance Beta
