Adults should have a piggy bank too

14 May

We are 134 days down and only 2866 days to go on our 3000 day journey to financial independence. Today, we would like to discuss our piggy bank...

Mrs 3000 and I have been working hard at getting the right balance between saving money for our financial independence and also having an enjoyable and fun filled life. At times this balancing act can be difficult as we have developed the mindset that spending money is actually spending your precious time, which we explained HERE. However just because you are on a financial independence mission, doesn’t mean you should sacrifice all enjoyment in your life. We all need some pleasures and treats on this journey, it helps you to stay motivated and focused on your goals. Plus, there is no point reaching financial independence if you are miserable all along the way.

We have all heard the phrase “the best things in life are free” and that is true on the most part. Mrs 3000 and I definitely seek out fun things in life that are free (or of very little cost) such as going to the park, beach, going for a picnic, a bush walk, exploring nature, going to the library or going to local markets. However sometimes you may have the niggling feeling to be extravagant and spend some money on something that brings you pleasure, somethings that is very…umm….very un-moustachian! That is where the adult piggy bank comes in.

When I say piggy bank, I actually mean a piggy bank. Think one of those tins with a coin slot at the top and very importantly no plug or opening. Examples below:

To crack this baby you will need a can opener, which is a major deterrent in itself. Also, you know that opening this sealed piggy bank before it is full will come with some serious feeling of guilt and regret….also very good deterrents. This piggy bank is about pure pleasure, total extravagance, splurging and bringing you joy…..don’t raid it because you feel you need a coffee and a muffin! Now a tip: the size of the tin is important as this will determine how quickly the rewards come around but also the value of the reward…so choose wisely! Our tin is roughly 10 cm tall x 6 cm wide, so not huge…we like regular treats. On average this piggy bank holds between $300 - $400.      

The piggy bank works like this for us….firstly to start it off for the first time, we raided the house, car, office and shed. I am sure everyone has coins (and even better notes) laying around – in the centre console of the car, in a bowl on your beside table, your jean pockets and in your office draws. Grab them all, and slip them in your piggy bank straight away. Next, work out your routine. Do you carry cash every day? If so, every time you come home, empty your pockets into the piggy bank. Mrs 3000 and I do this weekly after we visit the local farmers market. We take out our budgeted amount of cash, which is always too much but “just in case” and whatever is left (notes included) we place in the piggy bank.

Once the piggy bank is full you have earned your reward, but how much do you have to spend? Grab that can opener and crack that bad boy open. Place all the coins in a bag or container and take them to your local bank, most of which now have coin counting machines, so tip the coins in and the total amount is added to your account….easy as that! Now the planning begins….how would you like to use your bounty of cash?

Our preference is always to reward ourselves with our piggy bank funds, we have been saving our regular money very hard so treating ourselves every now and then is an easy decision. Having treats such as these is good for your sanity and your relationship! So go all out…..what will you do with your piggy bank funds?

  • Dine out at a fancy restaurant?  
  • Have a day at the spa?
  • Book a night or two away?
  • Go on a wine tour?
  • Sign up for a personal interest course?

For our most recent experience, Mrs 3000 and I have decided to have a couples day out with a 90 minute couples massage, lunch at a café and then a movie. This our reward for saving hard and the best part about it, this is all paid for in advance with loose change from our piggy bank. This means our savings goals are still being met, these are extra funds for enjoyment purposes only, as we all need treats every now and then.

For all the ultra-frugalists out there, we know that spending this cash isn’t the most optimal choice for our funds and that saving our piggy bank dollars over X number of years at Y rate of return, compounded year over year would equal a balance of Z over the time frame. But chill out guys and gals, sometimes you need to live a little, let your hair down and enjoy life. Plus remember these are surplus funds, over and above your normal savings. If you have already been meeting or exceeding your savings goals, then use these funds to go wild and enjoy yourself.

So why not start your piggy bank today and save some money on the side? Use these funds on yourself…for something that brings you joy, happiness and pleasure. Go on spoil yourself…..get a piggy bank!      

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