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Restoring the Lost Art of Piggy Bank Savings
After the recession, families are realizing the importance of saving versus getting buried under credit debt, returning to the simple principals of piggy bank savings and teaching their children to form positive financial habits. I know that we do that with our children. We want them to learn as much as possible about being financially responsible. We want them to understand money.
KIDS AND MONEY
It is important to teach kids the value of money by engaging them in family budgeting or let them shop with their own money to learn what things costs. We use things like this to teach our children:
- Saving is fun – set a family goal to save up for a treat and use a separate piggy bank for this activity to make it special.
- You can’t keep it all. Spend wisely to allocate the family budget to include donating, saving, and still spending some for fun.
Most people already know the benefits of credit unions, such as customer ownership, fewer fees and higher savings rates. However, there is a segment of credit unions that continue to fly under the financial radar: Affinity-based banking — the intersection of faith and financial planning.
A financial institution that offers business and consumer banking services then invests profits in social causes and shows a demonstrable return like a business. Meet ECCU:
ABOUT ECCU
For most of its 50-year history, ECCU has been known for offering churches, Christian schools and other Evangelical nonprofits and ministries with specialized financial services. ECCU continues to expand this core commercial customer focus, while rolling out additional personal financial services:
- Personal savings account — a basic savings account for an emergency fund or savings for your kids that’s only $25 to open and has a 0.35% APY2 with no minimum balance.
- Money Market Savings account – a great opportunity to earn a higher rate (up to 0.95% APY2 on higher balances. Perfect for your family’s savings.
- Consumers can get these terms because ECCU is largely an online bank. This direct savings account — also called an online savings account — appeals to on-the-go consumers who prefer to be able to manage their lives online.
With ECCU, your money does more than earn a good interest rate for you. It helps fuel Christ-centered ministry worldwide by providing loans to churches and low-cost banking services to missionaries and Christian organizations. Together, you + ECCU = supporting and resourcing more ministry. Plus, if you open a Money Market Savings today, ECCU will donate $50 to International Princess Project to help fight human trafficking in India.
GET SOCIAL WITH ECCU
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“SAVE WITH ECCU” $1,000 GIVEAWAY!
Enter below for a chance to win $1,000. The contest runs from March 5 – April 10, 2015. The qualified winner must open an ECCU Money Market Savings account where the $1,000 will be deposited. Click here for official rules.
a Rafflecopter giveaway
These are great tips! My biggie is rounding up. I like to take whatever change I have left over whenever I spend cash and sock it away. You’d be surprised how it adds up!
I almost forgot! Another great tip is to NEVER buy coffee from a store. I always brew my own and take it with me. That cost of that stuff adds up quickly.
What a great giveaway, thanks so much for the chance to win. I try to put back a little at a time and it really helps for emergencies.
I had to do a double take. I used to work at an “ECU” but not the ECCU!!! I’m pretty awesome with my money, I have to admit 🙂 I’m a good saver/penny pincher. But I’m also not afraid to budget fun money out for me to shop once in a while.
It all adds up. Saving now will help ensure a stable and secure future, plus less worries.
My favorite tip to save money is pay in cash whenever possible and keep the change in a jar (or wherever.) You’ll be surprised how much you have at the end of the year.
My kids have no clue about the value of a dollar. I need to work on teaching them better than I have.
It’s definitely important to teach kids how to save effectively. Saving a little every time you earn will add up!
Fantastic savings tips. Mine is throwing change (and $1 bills) in a cookie jar that’s hidden in a kitchen cabinet. You’d be surprised how quickly it adds up!
Financial knowledge and accountability is important for survival. I really like your idea of a piggy bank for a certain family treat. The ECCU credit union has a worthy mission.
I try to plan ahead for things and save a little bit at a time for them so we’re prepared for things like vacations. My 10 year old is awesome at saving his money in his piggybank!
My tip for saving money is to sit down and decided what you need, what you really want, and what can wait. Sometimes, things we think we want/need now don’t have to be bought.
I save money when I leave my cards at home! No impulsive shopping for me!
What a great giveaway! Thanks for sharing. I’ve just now started putting money into my savings cause I want to go to Hawaii at the end of the year. I figure I better do it so my husband has no excuses as to why we can’t. 😉
Saving and forget about it. lol Honestly, saving is important but for those who live day to day it’s hard for them to save.
These are wonderful tips! I find it best to put some money into our main savings account and children’s savings accounts every week, as soon as my husband’s paycheck is deposited.
Another great way to save money is to go grocery shopping with list already made. That way, you are less likely to buy things you don’t want/need.
Love this. Cool that they donate to stop Human Traffiking.
My two kids has their piggy banks. We always count them at the end of the year to see who saves the most. It’s always our daughter that does!
As a stay at home mom to 3 I appreciate these money saving tips! It really helps for emergencies and helps us have a sense of security when every penny counts! Thanks for a chance at winning!
These are great tips. Thanks for sharing.
Interesting. It is very important to find a savings program that works for you. So many people don’t prepare for the “what if’s” that tend to occur in life.
The easiest way for me to save money is to never see it. I have direct deposit set up, and a portion gets put into a savings account right away.
I love these tips! I need more help to keep money in the bank rather than on little things that don’t matter.
I learned at a very young age the benefits of saving and kept my own ‘piggie bank’. Because of this I was able to purchase my first home at the age of 24 and pay my way through college.
Thank you for the info. My husband loves his credit union. 🙂 We put change in a big jar here and cash it in a couple of times a year. It really does add up.
These are all great tips, I am on a mission to save money now, but sadly we live so paycheck-to-paycheck that our funds are gone without spending money on anything except necessary items (basically bills and food and gas for cars and fuel for heat) beyond that we are broke. I think it is time for more income into the home, but the boyfriend doesn’t seem to get that his pay isn’t enough…. we will see how things pan out because I want to be the example for my kids to encourage savings for us all!
I keep strict budgets. I keep everything written down and make sure I follow them otherwise we will spend and pay no attention to it!
It is definitely important to teach kids about finances early. I used to have a piggy bank as a child.
My piggy bank needs a little love. I try to save money by clipping coupons and price matching my groceries.
These are really great tips. I’m pretty good with money and try to teach my children to be the same way.
My mom has a great thing she does with the kids. She matches whatever they put away in the bank. So my son saved up $25 and my mom matched that in his account. It encourages him to save more!
We have been teaching our kids about saving ever since they could understand. They are great at saving now that they are teenagers.
These are definitely some great tips!!! I’ll be honest, I kinda suck at saving….. I have a shopping problem lol… But with a kid I really should get better with it!
My niece, Maddie, is such a good saver. I give her most of my change and she does a good job of saving it. Great tips!
These are great tip. One thing I do is if I get money as a gift I put it away for a future trip for spending money. Its always nice to have a little extra cash, especially when you forget you put it away.
Financial literacy is one of the best things parents can teach their children but they often skip those lessons. I was raised in a family business so I learned a lot right away.
Kiddo used to save when she was younger. Now we have a giant clear container in the kitchen where we all dump our change. Someday we’ll take a little trip with it when it gets full.
My tip for saving money is to set it up automatically. Have X amount come out every pay period and limit your access to your savings acct.
We are definitely piggy bankers over here! My boys love to save money!
Great tips! My son has 3 jars that he has labeled, Save, Spend, and Donate. He is doing better, but it was (and still is sometimes) difficult to get him to save. I wonder if some people are born spenders. I know I have some family members on my side of the family, as well as my husband’s side of the family that are. It’s like money burns a whole in their pockets. 🙂 Thanks for the tips!
I definitely think we need to bring back the piggy bank! My son is saving up his pennies in one right now!
Our favorite money savings tip is to cut back and use the money you save to pay off bills with interest. Love the post and sweepstakes.
Wonderful advice! I always put some money aside whenever I get paid. This money that I put aside always goes towards something that I need or want. 🙂
I need to start a savings account with my son. This sounds like a good way to start.
This is a great opportunity for people to save a little something for much more than just a rainy day. Had no clue that something so specialized existed.
Teaching kids to save money is a great way of teaching independence. This way also teaches social awareness and giving too. Thanks.
My very best tip is to pay your savings account first, just like it was a bill. Decide on a set amount and just pay it.
Great tips! I try to stress to my children the importance of saving!
Wow! With so many benefits of opening an account with ECCU, more people should invest their money in and start early. It’s great that there’s no required minimum balance.
My biggest tip right now is to not waste food. With 8 people in the house, it can be tough to time how much produce we need with what might spoil, since we only shop once a week. I’m trying to freeze what we can’t eat right away, and it’s making a big improvement on our food bill!