Why piggy bank is called piggy bank
Short answer
A piggy bank is called a piggy bank because, long ago, people used pots made of a type of clay called "pygg" to save coins, and over time, these savings containers were shaped like pigs and called piggy banks. They help kids learn to save money by putting coins inside, which they can open later to buy something special.
What exactly is a piggy bank?
A piggy bank is a small container, often shaped like a pig, used to save money, especially coins. It usually has a slot on top where kids or adults can put coins in, and sometimes it can be opened later to take the money out. The main idea is to save money bit by bit, so over time, it adds up. For kids, piggy banks make saving fun and easy to understand because they can watch their savings grow inside their pig-shaped container. Parents and teachers often use piggy banks to teach children the basics of saving money and the value of patience.
How does a piggy bank work? (with an example kids can follow)
Imagine a child named Emma who receives $1 each week as an allowance. Instead of spending it right away, Emma puts her dollar into her piggy bank every week. After 10 weeks, Emma opens her piggy bank and counts her money. She will have saved $10! This simple habit helps kids see how their money grows when they save regularly. It also teaches them to wait and plan for something they want, like a toy or book, instead of spending money immediately.
Steps to use a piggy bank:
- Find a piggy bank with a slot or opening.
- Put coins or small bills inside whenever you get money.
- Avoid opening it too often; let your savings grow.
- When you have enough saved, open it to count and use the money.
Why is it called a piggy bank?
The name "piggy bank" comes from a type of clay called "pygg" that people in the Middle Ages used to make jars and pots for storing coins. These were called "pygg jars." Over time, potters began crafting these money containers in the shape of pigs, probably because people liked the sound of "pygg" and the fun pig shape. This mix-up grew popular, and the pig-shaped coin containers became known as piggy banks. So, it’s not because pigs have anything to do with money, but because of a clever play on words and shapes.
Why does this matter for kids and families?
Understanding piggy banks helps children learn the important habit of saving money early on. Saving teaches kids self-control, planning, and the idea that small amounts of money can add up to something valuable. For parents and teachers, using a piggy bank is a practical way to introduce financial habits that kids can use throughout life. It also makes money less mysterious and more manageable for young learners. When kids save money in a piggy bank, they can feel proud of their progress and learn to make thoughtful money choices.
What are some related terms or money tools people mix up with piggy banks?
People sometimes confuse piggy banks with other savings tools. Here are a few related terms:
- Penny bank: Another name sometimes used for piggy banks, but a penny bank might not be pig-shaped.
- Money jar: A simple jar or container used for saving coins, often clear so kids can see the money inside.
- Bank account: A place at a bank where money is saved electronically, which is different from a physical piggy bank.
- Wallet or purse: Used to carry money for spending, unlike a piggy bank, which is for saving.
Understanding these differences helps kids and adults choose the right way to save or spend money.
What can parents and teachers do next to teach about piggy banks and saving?
Parents and teachers can encourage kids to use piggy banks by:
- Giving kids a piggy bank or a similar container to start saving coins.
- Setting saving goals, like saving for a new book or toy.
- Praising kids when they add money to their piggy bank.
- Talking about the difference between spending now and saving for later.
- Explaining how banks work as the next step when kids are ready to save larger amounts.
Using piggy banks is a hands-on way to build money skills that last a lifetime.
What is a piggy bank made of?
Piggy banks can be made from different materials like ceramic, plastic, metal, or even wood. The older, classic piggy banks were often ceramic and had to be broken to get the money out. Now, many piggy banks have a removable stopper or opening so kids can take the money out without breaking the bank. The material can affect the piggy bank's durability and how easy it is to use, but the main purpose is always to save money.
How can kids make their own piggy bank?
Making a DIY piggy bank is a fun activity that helps kids understand saving money even better. Kids can use items like empty jars, boxes, or plastic containers and decorate them with paint, stickers, or paper to look like a pig or any favorite animal. Then, cut a small slot to put coins in. This craft not only teaches creativity but also reinforces the saving habit. Parents and teachers can guide kids through this project to make saving money more personal and exciting.
Frequently asked questions
Can I use a piggy bank for paper money as well as coins?
Yes, many piggy banks have slots big enough for paper bills. Kids can fold bills and put them inside, helping them save larger amounts alongside coins.
Why are piggy banks usually shaped like pigs?
The pig shape comes from a wordplay on "pygg," a type of clay used long ago, combined with the popularity of pig shapes in crafts. It also makes saving more fun for kids.
What if my child wants to spend money from their piggy bank often?
Encourage setting saving goals and explain why waiting can help buy something bigger or better. You can also suggest dividing money into spending and saving portions.
How do piggy banks teach kids about money?
They show how small amounts add up over time, teach patience, and make saving money a visible, tangible habit for children.
Is it better to save money in a piggy bank or a real bank account?
For young kids, piggy banks are great for learning. As they get older, a bank account can keep money safer and earn interest, but piggy banks help build the habit first.