Piggy bank history for kids
Short answer
A piggy bank is a small container, often shaped like a pig, used by kids to save money safely. It works by putting coins or bills inside through a slot, helping children learn to save by watching their money grow. Understanding piggy banks teaches kids good money habits early, making saving fun and practical.
What is a piggy bank and why is it called that?
A piggy bank is a container used to collect and save coins and sometimes paper money. It is often shaped like a pig, which is where the name comes from. The idea started long ago, when people used jars made from a type of clay called "pygg" to store their money. Over time, potters began making containers shaped like pigs as a fun twist, and the name stuck.
For kids, a piggy bank is an easy way to start saving because it turns saving money into a game. They can watch their savings grow as more coins go inside. It also keeps money safe in one place instead of being loose and easy to lose.
How do piggy banks work with a simple example?
Using a piggy bank is simple: you drop coins or bills into a slot at the top. The money stays inside until you decide to take it out. For example, if a child gets $2 a week as allowance and puts 50 cents into their piggy bank every day, after a week they will have saved $3.50. Over a month, that adds up to $14! This helps kids see how small amounts add up over time.
Many piggy banks have a removable plug at the bottom or a way to open them without breaking. This lets kids take out their savings when they want to buy something special or deposit money at a real bank.
Why do piggy banks matter for kids aged 8 to 12?
At ages 8 to 12, kids start understanding the value of money and making small choices about spending or saving. Piggy banks give them a hands-on way to practice saving money and planning for the future. When children use a piggy bank, they learn important skills like patience, goal-setting, and responsibility.
These skills help build good money habits that last a lifetime. Plus, saving in a piggy bank is exciting—it feels like a personal treasure chest! Parents and teachers can use piggy banks to teach lessons about money, such as how saving a little at a time can fund a bigger purchase later.
What are some terms related to piggy banks that people mix up?
People sometimes confuse piggy banks with other money containers or banking tools:
- Money jars: These are simple containers for saving money but don’t have a slot or pig shape.
- Penny banks: Another name for piggy banks, but some think they only hold pennies.
- Real bank accounts: Unlike piggy banks, these are official accounts at banks where money is stored electronically and earns interest.
- Savings bonds: These are government-issued savings tools, not physical containers, but also help grow money over time.
Knowing these differences helps kids understand that piggy banks are just the first step in learning about saving money.
How can parents or teachers encourage kids to use piggy banks?
Parents and teachers can make saving with piggy banks fun and educational by:
- Choosing a piggy bank that kids like—maybe with their favorite colors or characters.
- Setting savings goals together, such as saving for a toy or a book.
- Encouraging kids to count their money regularly to see how much they have saved.
- Talking about how saving a little every day or week adds up over time.
- Using stories or games that involve saving and spending money wisely.
This hands-on approach helps children feel proud of their savings and understand money better.
What should kids do after filling their piggy bank?
Once a piggy bank is full or when kids want to use their savings, it’s a good time to take the money out and decide what to do next. Options include:
- Counting the money to see how much they have saved.
- Deciding if they want to spend some, save some longer, or share some for charity.
- Taking the money to a bank to open a savings account, starting a habit of using real banks.
- Setting new savings goals for the future.
Parents and teachers can guide kids through these steps to help them make smart decisions about money.
What are some fun piggy bank ideas for kids?
Piggy banks come in all shapes and sizes, and kids can even make their own! Some creative ideas include:
- Decorating a plain jar with stickers and paint.
- Using recycled containers like old milk cartons or boxes.
- Making themed piggy banks, like a “vacation fund” or “toy fund.”
- Using clear containers so kids can see their coins growing.
These ideas make saving money exciting and personal, encouraging kids to keep saving.
How to explain piggy bank saving in kid-friendly words?
Explain to kids that a piggy bank is like a little treasure chest where they keep their coins safe. Every time they get money, instead of spending it all, they put some into the piggy bank. Over time, the treasure grows! Saving helps them get special things they want later on because they didn’t spend all their money right away.
For example, if a child wants a new book that costs $10, and they put in $1 each week, after 10 weeks, they will have enough to buy it. This shows how saving works and why it’s good to save.
Frequently asked questions
Can a piggy bank hold paper money or only coins?
Many piggy banks can hold both coins and paper money if the bills are folded small enough to fit through the slot. Some designs work better with coins only. Kids should check their piggy bank’s slot size and be careful not to force paper money in if it’s too tight.
Why are piggy banks often shaped like pigs?
The pig shape comes from a long-ago word for clay called “pygg.” Potters made money containers from pygg clay, and later, people made containers shaped like pigs as a fun design. The pig shape stuck as a symbol of saving money.
How can kids keep track of how much money is in their piggy bank?
Kids can count the money regularly by taking it out or using a clear piggy bank to see inside. Parents can help by helping kids write down how much they add each time, creating a savings chart or notebook.
What should kids do if their piggy bank is full?
When a piggy bank is full, kids can decide to spend some money, save some by putting it into a real bank account, or start using a bigger piggy bank. It’s a good chance to learn more about managing money.
Is saving money in a piggy bank safe?
Saving money in a piggy bank is safe for small amounts at home, but it doesn’t earn interest like a bank does. For larger savings, parents might help kids open a savings account at a bank or credit union for extra safety and growth.
Can piggy banks help kids learn about money?
Yes! Piggy banks teach kids how to save money, set goals, and be patient. These skills are the foundation of good money habits that help kids manage money well as they grow.