Omobolanle Awoyemi finally opened her piggy bank and she found 101K. She started this July 21, 2017 and opened it yesterday, January 1, 2018. She has some very important tips on how to start a piggy bank saving plan in 2018 and you don’t want to miss all of these things.
1. Start today. No procrastination. You never achieve or enjoy the dividends of what you’ve never started.
2. How do you start your piggy bank saving plan? If you can’t get a piggy bank at the moment, start with using a plastic bottle. Even though I can’t get one where I am, I have my piggy bank notes tucked somewhere. This is how committed I am to starting today, the first day of the year.
3. Try as much as possible to put in notes daily; loose notes that you’ll normally spend on frivolities. Sometimes, it was difficult to do this been a salary earner, but I ensured I dropped a specific token every month.
4. No low domination notes, please. If you must put this into your bank, please have a separate piggy bank for this. The goal here is to get as much as possible at the end of your saving period. Low denomination notes would ruin this.
I started this saving plan in December, 2016 and opened my first piggy bank in April 2017. I was sad to find in it only the sum of 48K.
I soon realised it was because I was saving more of low denomination notes. Thus, I made up my mind to only put into my piggy bank N500 and N1000 notes.
? Be committed to this. This sounds cliché but you wouldn’t go far in this without discipline. Discipline would keep you in check, prevent you from breaking your bank before your due date.
? Think of the joy of delaying gratification while saving. This would sustain you while you save.
? Remove your savings before any expense. This would prevent you from saving after you’ve spent all your earnings or saving below your target.
? Piggy banks are different from investment plans. The money in your piggy bank does NOT grow. You only get an accumulated funds of what you’ve saved over a period of time.
? Keep your piggy bank away from thieves and external persons. When I had visitors in my house, I kept mine away. I’d rather be safe than become sorry. I wouldn’t want a situation where I would find nothing in it, the piggy bank stolen or filled with trash and dirts.
Remember, anyone can develop financial discipline (that includes you!), it just takes a willingness to change and develop new habits. When you do, your finances will take a turn for the better – you’ll have more money, save more money, and build more financial security for you and your family.