Piggy Banks are the Hot Gift This Year
@rosettaresearch (1285)
United States
December 31, 2008 10:09pm CST
In response to the financial meltdown, people are starting to save again. So, they are buying piggy banks.
http://news.yahoo.com/s/nm/20081231/us_nm/us_usa_economy_piggybank
But seriously, $31 for a piggy bank kinda defeats the purpose, don't you think?
4 people like this
14 responses
@angelia286 (2029)
• Singapore
1 Jan 09
Well, in the long run, that money is sure alright by any standards! Imagine if a person was to use that piggy bank for 1 year, it would be around $2.50 per month, and if it was to be used for 10 years? It would be just $0.02 per month. Afterall, it's a small price to pay in order to force one to save! It's all about investment for long term gains! Hehe.
1 person likes this
@rosettaresearch (1285)
• United States
1 Jan 09
But, you can get an excellent one for less than $10. Then you can put the rest of that $31 into savings. If you spend it on the bank, you can't save it. And the cheapers ones last just as long, increasing your savings.
1 person likes this
@angelia286 (2029)
• Singapore
9 Jan 09
Well, you have got your point there I guess. 
But people like me, if I get a cheap piggy bank that looks so dull and unattractive, I will not be motivated to save money into these banks at all. I have a total of 8 piggy banks at home all ranging from cost of $1-$28. Guess which one has the most savings?
Lol, it's in fact the $28 piggy bank! Because it looks like a cute fat pig and well, when I see the bank, I just feel like looking at it more, and the more I feel like looking at it, the more I am compelled to just put money into it. So in the long run, that small little investment enables me to save more money, whereas the $27 saved by buying the $1 does not pays off in the long run.
The $28 bank is 3/4 full, but the $1 piggy bank has just a grand total of $2.85 in it after 1 long year =)
But people like me, if I get a cheap piggy bank that looks so dull and unattractive, I will not be motivated to save money into these banks at all. I have a total of 8 piggy banks at home all ranging from cost of $1-$28. Guess which one has the most savings?
Lol, it's in fact the $28 piggy bank! Because it looks like a cute fat pig and well, when I see the bank, I just feel like looking at it more, and the more I feel like looking at it, the more I am compelled to just put money into it. So in the long run, that small little investment enables me to save more money, whereas the $27 saved by buying the $1 does not pays off in the long run.
The $28 bank is 3/4 full, but the $1 piggy bank has just a grand total of $2.85 in it after 1 long year =)
@beaniecat (329)
• United States
1 Jan 09
I agree $31 for a piggy bank does seem to defeat the purpose. Coinstar ran a recent promotion that if you took in $40 in loose change and exchanged it for a gift card, they would send you an additional $10 gift card. So you can do a lot better with that loose change than buying an expensive piggy bank with it. If you want to personalize it, I say get an old jar and glue some pictures on it from magazines!
1 person likes this
@rosettaresearch (1285)
• United States
1 Jan 09
Now that is a great idea. You could put on pictures of things you are saving for. A way to encourage savings.
1 person likes this
@sunshine4 (8703)
• United States
1 Jan 09
I love to give piggy banks as a gift, but I would never spend $31 on it. I look for the piggy banks that are like $5 and then I would rather put the other $25 in the bank for the person to get a head start on.
One year I found nice big piggy banks at the dollar store. They were ceramic. Nice gift for only a buck.
@rosettaresearch (1285)
• United States
1 Jan 09
See. If you are teaching a lesson in savings, your gift should reflect that lesson. Especially, as you have proven, it is possible to be nice and inexpensive.
@cassandralynn (1084)
• United States
1 Jan 09
I think giving a piggy bank for a gift is a excellent ideal, but you are right, a $31 piggy bank does defeat the purpose of giving a piggy bank as a gift. I think a dollar store piggy bank to give to a child or teen would be a great gift to give so it could teach the kids about the concept of " saving for a rainy day" . I have a small Piggy bank but mine is a glass mason jar, which is perfectly fine by me because it was free and it holds a good amount of change.Even before this recession I was saving $ in my jar and my son has 2 piggy banks me and his father always add to.
@rosettaresearch (1285)
• United States
1 Jan 09
Excellent point about teaching kids to save. They have banks with different slots (for less than $31) for things like saving, spending, donating -- so the kids learn charity -- and other things.
@Lee_Rites (845)
• United States
1 Jan 09
Yes, I think a cheaper one is better. Though I can see spending a little more for it if it special in some way. Like maybe a cute elephant piggybank for someone who loves elephants.
My kids would love piggybanks. They love saving up change and then taking it to a coinstar machine.
@rosettaresearch (1285)
• United States
1 Jan 09
I can see getting a special one for someone. but even nice special ones can be found really cheap. I think its just the $31 that gets me, when I KNOW there are nice cheap ones out there.
@KatieDidit (989)
• United States
8 Jan 09
My mom still has the ceramic piggy bank I made when I was in the first grade.
I think I'll check our local pottery making shop for one. It would be a lot of fun to make another one with my granddaughter and I bet we can do it for less than $31.00
@rosettaresearch (1285)
• United States
8 Jan 09
Oh that would be such a wonderful experience for you and your granddaughter. I am quite sure your local shop has an unexpensive bank.
@rosettaresearch (1285)
• United States
1 Jan 09
Exactly. If you must have a special container, there are ones that are A LOT cheaper. Even the electronic ones that keep track of your change for you.
@cutepenguin (6431)
• Canada
1 Jan 09
I use my piggy bank from when I was a kid. A couple of years ago, my husband and I used a big cup he had. I don't think the container matters; I kind of think $31 for a bank defeats the purpose of saving, although I can see how it would make a cute gift.
@rosettaresearch (1285)
• United States
1 Jan 09
Sure it's cute, but you can get cute for a lot cheaper. One suggestion I have seen if giving a piggy bank for a gift is to seed it with some change already. So, spend less and use the rest as starter money.
@highflyingxangel (9225)
• United States
8 Jan 09
Wow I had no idea that people were buying piggy banks quite a bit this year. It does make sense though but I'm surprised people would spend a lot of money on something they can very easily make themselves at home with stuff they already have. My partner made a piggy bank for myself and herself and while it may not be a pig, it serves it's purpose well.
@happythoughts (4109)
• United States
16 Jan 09
My Mother in law made my kids great piggy banks when they were first born and I am so thankful for that. My kids find money on the street and they think to save it in their banks. I went out to look for a bank to do some saving myself and I was shocked what they wanted for a piggy bank. I ended up spending close to $20 and that is a lot of pennies to pick up off the street. Now we have a vacation bank so it will all be worth it someday...
@wifeofharvey (1156)
• United States
2 Jan 09
I agree that that is pretty high priced. Especially when you could use an empty, washed peanut butter jar. You could even have some fun by decorating the peanut butter jar with a collage of pictures of items you would like to buy with what you save. Catalogs and magazines have loads of nice pictures you could play with.
@SydneyHazelton (4586)
• Singapore
1 Jan 09
Yup! I think any containers will work well as piggy banks and the $31 can be put in it instead. Keep saving!
@DancingRedFeather1 (1037)
• Canada
29 Jan 09
At Giant Tiger's or maybe in any store in your area, they are selling bottles that has a cover which has a slot and counts your money as you put it in.
I bought one today and I emptied my two piggy banks of my change and low and behold 180.00$$$$$.. wowow..that bottle can surely save up 1000$ or more depending if you are putting 25 cents, pennies, here we have loonies which is 1 $ coin and 2$ coins so it adds up.
A great way to show to the kids to save for something they want..put a lable on the bottle and let them put the money they want in it and mommy and daddy can put some in for good behavior, for good grades etc. Terrific way to teach to save and also give incentive to accomplish something.
