Posted on
April 2, 2009
at
9:46 am
My sister and I were talking about saving extra by saving our coins in a piggy bank. So, we went online and read articles about saving coins in a piggy bank. Some of the articles says that it is not good to save coins in a piggy bank because the money is not circulating. It somehow affects the value of the currency. Any ideas about this? Is this really true? I just want to know.
Posted on
April 2, 2009
at
9:49 am
I'm not sure how true that is, new coins are being made year so I don't think this is an issue. If you're going to save large amounts though then out it in an account so you get interest.
Posted on
April 2, 2009
at
10:00 am
Theoretically, if a good number of the population saves a large number of coins in piggybanks, it might lead to coin shortage and since the Central Bank would be forced to issue new coins to cover the shortage, that's when the value of the currency gets affected. Ideally, the Central Bank only issues new coins and paper notes to cover old coins and paper notes it has decommissioned, so the value doesn't get affected. But since the Central Bank was forced to issue new coins to cover the shortage without decommissioning the original amount, the currency gets undervalued.
Posted on
April 2, 2009
at
10:16 am
I think it is a great way of saving for our family. My children know that the jar is for our "fun" and that we have to work hard and save the money in order to do these things. It helps us out financially and my kids are learning from this.
Posted on
April 2, 2009
at
10:19 am
I save all the time. It's a good way to teach my kids the value of money and how hard it is to earn. They think twice about how to spend it and they always put some away in the bank. I don't know to what extent it can have any effect, but I'm sure most people put it back into circulation at some point.
Posted on
April 2, 2009
at
12:16 pm
Saving,by any means, is a
good idea. Smaller amounts can be saved in piggy bank,as you said. If savings in a piggy bank affects circulation of money,
any other kind of saving will certainly affect it too !!! It does not mean that you should not save
for the sake of circulation of money!!
Posted on
April 2, 2009
at
12:21 pm
any form of saving, either big or little is a good idea..
Posted on
April 2, 2009
at
12:29 pm
We do this. All coins go towards my son's savings account. When the coins reach the top of the jar we take it to the bank. Our bank has a coin counter machine and we take the receipt to the teller and ask to put that amount in our son's savings account. Now that he has a little savings it will grow a little bit each month. By the time he is old enough to use it, who knows what the amount will be. I say go for it. Like someone else said, any savings is good savings!
Posted on
April 2, 2009
at
1:49 pm
I save money in a piggy bank that way all the loose change I have can accumulate
Posted on
April 2, 2009
at
2:06 pm
Remember to keep it in a safe place my jar is on show in my room but it's usually empty anyway. You don't want to advertise it.
