Asked on 08 Jan 2019
Share your piggy bank stories with us! What/how did you save for the things you wanted? And in contrast, right now, what are you saving for? This is the task for the 8th Jan giveaway for two pairs of Seedly PFF 2019 tickets. Winners will be picked by the Seedly team for the most interesting/fun/meaningful stories and will be announced along with the next task on the Seedly Facebook Group.
As a kid, I always craved adventure. Back in primary school, I remember saving up to buy myself a cheap pair of Roller Blades as I loved the simple joy of exporing the different areas around my flat and with the wind blowing against my hair. To buy the pair of Roller Blades, I remember bringing my own food to save money during recess and even stopping myself from buying drinks at the drink stall and drink water instead. The excitement and thrill of being able to roller blade outweighed any short term sacrifices to save that money.
Over the years, my needs and wants have evolved from that pair of Roller Blades. Being a young adult, I see the importance in saving and investing my money in order to meet my financial goals (e.g. marriage, house, retirement, etc). But beyond that, I still set aside a small sum of money for my next adventure - be it a solo backpacking trip or hiking up my next mountain. After all, there is always a kid inside of me who craves that adrenaline and adventure!
I'd always thought - what's the point of saving a 'meagre' 10/20cents, when it can't amount to anything big? I'll rather throw it in my school's koi pond to make a wish or simply be mischievous with my friends.
It wasn't a cliché event such as donating to the less fortunate that changed me. Rather, at that point in time as a primary school kid, it was desperation - how could I satisfy my growling stomach when I forgot to bring my wallet?
I stared straight into the pond, seeing its floor covered with 'meagre' coins. If I picked up all the coins, I could have more than a month's worth of pocket money and heck, even more. Well, the timid me eventually hesitated and went home hungry, but not without a brilliant idea to share with my dad.
My dad wasn't like most other dads - he didn't get angry and rather was amused with this logical but silly idea I had. And there, he passed me this piggy that we always had near our front door that weighed so heavily in my hands. Feeling curious, I pulled open the 'cork nose' of the piggy, and what poured out was loads of gold ($1) coins that he had collected over the years. To him, $1 was 'meagre' but to me, it was the first time seeing a treasure cove of 'gold' with my eyes wide open.
Whatever he said afterwards wasn't captured by the primary school me, but the moral of the story remained blindingly clear - what was 'meagre' to one might be a treasure cove to another. As a young adult now, my long-term habit of saving 'meagre' coins amounted to a few hundred dollars like the treasure cove I saw - paying for my overseas trip, donating to local charities, and indulging in a good meal to fill up the similar hunger I had that taught me this lesson.
I HAD A PIGGY BANK! It was a really big Tweety Bird-themed 3D piggy bank, no less.
Alas, I did not put any money into it.
I was spoilt as a child, and usually spent whatever I was given at the arcade, pool halls and also toys and food (Hello expensive coffee at Starbucks and lunches at Orchard!)
Fast forward more than a decade, I have saved enough to put down a downpayment on a freehold condo at 26, with additional liquid cash of S$300k.
Why the change?
I discovered the value of thrift ever since I had to start paying for my own university education. Earning your own keep from an early age teaches one the value of money, and also the benefits of compounding from an early age. Before each purchase - these are the questions I ask myself:
- What exactly am I spending on, and why? More often than not, fashionable clothing purchases fail this question. Other things like drinks (Bubble tea for example - $5 for added empty calories? Probably not). It is far more interesting to think about that money being allocated to assets that grow in value.
- Does it give joy to myself, or others? Being thrifty does not mean being miserly. I tend to be more generous when I eat with my family, for example. Because it gives joy to others around me, I personally think that some money is worth the spend. If I were to eat by myself, I have a tendency to want to support local hawkers, instead of larger food chains. The sense of homeliness and familiarity when you see the auntie who serves you your favourite food at Chinatown complex is unparalleled.
- Is this expenditure going to positively/negatively impact other areas of my life? Spending on high quality, nutritious food albeit at a higher price, yes. Spending on a snazzy new phone just because it's a cool new toy, probably not unless my existing phone is spoilt. Even then, I probably would wait until prices go down, since electronics prices drop fast.
With that said, I still can do better.
Admittedly, I have not been too on-the-ball with my investment portfolio. I have sold off most of my shareholdings already, so I should start looking into what I can do with my idle liquid cash. I am saving with the goal of having my passive income cover my annual expenses, so that I can be more financially independent and not rely on a monthly wage if I don't want to. Hoping to win a pair of Seedly PFF 2019 tickets since it sounds very interesting!
I used to have a big transparent plastic pig in green as my piggy bank, similar to this! It had googly eyes that moves when you shake the pig. It was the most basic piggy bank during those days but it’s also the best in my opinion, because I won’t need to break it and can be reused for years!
When I was super duper young, my innocent goal for saving was to feed the pig till it’s full and heavy so that I can get a praise from my folks that I’ve done a good job! It was satisfying to empty the pig in the dining area and starting count them, in piles of $1, till I‘m surrounded a Ring of Coins! My folks did a great job in teaching me how to save as a young kid, even before I entered school (and in the process, how to count!) When I started primary school, the only thing I spent on was food during recess while the bookstore and snack store were sources of temptation. I used to save up money with the intention of wanting to buy an ice cream to eat with my friends or buy the cute eraser that I saw. But I’ve always just asked for the price, rarely did it. Throughout the 6 years, I’ve only gotten one notepad (misheard the price and paid 60 cents!) and one ice cream (I think it was 60 cents too). Any “big ticket” items that I really wanted, I worked hard to get straight Band 1s to “earn“ it from my mom :)
In secondary school and JC, it was pretty much the same except I actually needed to spend money to build a social life - buying birthday presents for classmates, spending it on KFC after a half-day school even though I hate fast food because my classmates wanted to chill there, watching a movie with them during school holidays. Any idol CD or story books that I wanted, I wait till it’s MY birthday to get them from my friends lol. The saving habit from young continued but I picked up another habit - budgeting!
In university, everything from secondary school and JC stayed the same except I was given much more allowance per month. I’ve never been given that much money openly by my folks but it’s to cover everything. After portioning out for transport and budgeting for food, shopping and school stuff (e.g. buying textbooks, printing notes) ended up in the same pool of funds after considering how much I wanted to save for the future. At that point of time, I also didn’t quite know what I needed to save for but I’ve only known that saving money and being thrifty are good traits. And if I ended up being jobless, I have some money to tide through. It was ”saving for the rainy days”.
Now, after years of “I don’t want anything”, I finally have something that I want to buy - a house. Saving really hard for it so I’m now trying to learn how to investments to help speed things up. I’m thankful that I was taught how to save and budget, and also be thrifty. Hope I can win a pair of the tickets to attend the Seedly PFF 2019 so that I can really learn how to grow my money to buy a house!
I still remember it very fondly. It was tall, cylindrical-shaped, with Buttercup from the Power Puff Girls printed on it! It was a present from my uncle who probably thought it was a practical present for me at a young age. Well, it did encourage me to save up 20 cents everyday after spending $1.80 on chicken rice in primary school (when pocket money was $2 per day!). I don't know what got into my head but I gave the money I saved to my parents for Chinese New Year Ang Bao..
When I reached Secondary School I created my first savings account - POSBKids! That was when I saved up my first $400 and bought a gen 1 iPod Touch. Sense of achievement was off the roof hahaha. But that was the only splurge I went on... I honestly feel that I had more motivation to save when I was younger as the fruit of my labour could be attained in the very short run, compared to now where I am saving for the long term! Nonetheless, I'm still glad that I have cultivated my saving habits since then :)
I always had a strong drive to save money as a primary school kid to buy what I love - MCDONALDS!!! Yes, which kid doesn't drool at the thought of mcdonalds? And I started saving the only way I knew how when I was younger, which was to starve during recess and drink water before rewarding myself with a mouthwatering McChicken meal for lunch. This was obviously unsustainable and I ended up selling 'spinning erasers', which were rectangle erasers with staples at the bottom to enable it to spin, to my lazier (and richer!!) friends who just wanted the 'best' erasers. That plan worked for awhile and both life and my tummy got happier!
Right now as a student, I treasure the freedom I have and mainly save up to travel overseas and explore the different cultures that the world has to offer! Although I have to admit I still can't resist the variety of good food in Singapore and do save up for a good meal now and then! Also, I am also starting to realise the importance of managing my personal finance which is what brought me to Seedly today! (:
I guess the main difference would be I am willing to save up for months for something now as compared to starving for afew hours to save money back when I was a kid.
I literally had a pig for a piggy bank, and progressed to using a metal cointainer (which is still in use today).
Back then, in primary and secondary school, I would just save the bulk of my daily allowance (ie, 60 to 80%). I didn't eat much, up till upper primary. More importantly, I rarely have things that I wanted to buy. So most of it went to savings.
It was at Polytechnic that I spent more on activities and consumption. As a working adult now, I set aside 40 % of my salary for savings. I feel it is a good amount to start with, which will increase when I have a bigger income. Bought 2 big ticket items recently, looking to put all these money back indefinitely.
SO, earn more and save more ! :D
Top Contributor (Jun)
POSB Piggy bank last time in primary school....put coin inside everyday.
Now saving for market crash!
My pocket money used to be $1 a day in primary school, and I'd spend $0.50 on food during recess and put the rest into my piggy bank. On the days that I need to stay back in school for CCAs/play with friends, I'd get $1.50. I'd spend $1 and save the rest. This went on until I was in P6, where I started spending almost all my money on You-Gi-Oh and Duelmaster cards. It was worth it though. Those were the days.
Now, I am saving to build up my emergency funds, as well as saving to take advantage of any opportunities that might arise in today's volatile market. Am also saving up for big ticket items which I foresee myself purchasing in the near future!
Does anyone remeber POSB's Smiley Squirrel Piggy Bank?
I had one and I used it to save all my unspent recess pocket money in Primary school. (however I must confess I sometimes I don't save and buy erasers from the bookshop to 'play rubber' with my friends. haha). When I do save, I loved to shake the plastic piggy bank and hear the change rattle inside. And as it evetually got full (which took some time cos only saved like 10 cent, 5 cent at a time), it got heavy and that is when I egerly bug my parents to bring me to POSB to deposit my coins. To be honest I save the coins not because I wanted to grow my savings but I wanted to see my coins sorted out at the POSB bank coin sorter machine. I love the seeing the teller pour the coins into the sorter machine and the coins roll into the respective tubes and the sound it makes. It sounded like so much money! haha
I save now for saving sake of course. I Don't have a piggy bank any more but will always remeber Smiley Squirrel for getting me started.
Piggy bank was a bottom twist to open container. I have been putting in a few cents every day but it never got full.
Because every other morning i will twist open it and take extra 20-40 cents to buy erasers, and Mamee junk food.
Lugia erasers from Pokemon series won me many other erasers. A short pencil nib to the middle of the eraser body makes it spin very very fast and kept other erasers at bay.
Yes I had one in primary school it was literally a big pink pig! I would put whatever pocket change (of my $1.50 pocket change allowance) into the piggy bank. I also hustled hard and earned money washing dishes - My dad would pay me $0.50 for washing the dishes every night. I opened my first POSB account when I was 12 and saved up a few hundred dollars of CNY ang pao money and am still proud of myself for that now.
Right now I'm saving to buy a house on my own. Ummm adulting much?
Like every Asian kid, we probably received a piggy bank the minute our parents started giving us pocket money. 50 cents of my $1.50 pocket money went into feeding my "piggy". Saving my coins became a game to see my "piggy" grow in weight. I was filling up my piggy bank so that i could have another piggy bank to fill. I wanted more heavy piggy banks for the sake of collecting them. I never saw the courage to "break the bank" to get things I wanted since the goal was to keep them full.
Similarly, now I am just watching my digital bank grow but never daring to use the money for things I want. Neither do I know when the bank is filled when its all just digital numbers. Cant help but think that I will never catch up or save enough to my peers.
Would really like to know new perspectives in saving money and spending them wisely. Please and thank you!
I don't have a physical piggy bank those days, but I do "invest" or lets say buy things that people at my age values.
During those days, I started buying FIFA cards (From Pcakets) , Dragon Ball cards (From 20 cents card-machine). Slightly older, I am into Tamiya cars , WWF gaming cards.
In contrats, today I still don't have a physical piggy bank, haha!
I started buying Physical Silver coins and Gold coins for investment and leisure. Moved on to Unit Trust, Indexes, Forex, Options and finally Stocks.
I don't really believe in saving monies in the past but during volunteer work at a regular old folks home and cancer foundation, many people shared with me their life regrets. Most common regrets are financial management and spending time with their loves one.
I am fortunate to have value investing mindset and act on it. However that is not enough, to share knowledge to family, relative and friends is equally important. To encourage proper financial management for them to save into their own version of piggy bank is important, that would likely eliminate more than half of potential issues arising with monies disputes. There is no "right" time to start a piggy bank saving, the best time is now.
When i was younger, i had a Sailormoon piggybank (still with me, sitting by my bed). Savings = extra pocket money to hang out with friends, other experiences etc. Looking back, i really treasure those times.
Right now, i am saving up for my future house, sustaining my art passion and 'i don't know but it is only wise to save'.
Of cos. I used to store my leftover money from recess during primary school and bought something nice for myself on my birthday. Right now am saving for marriage yay.
I do save money during my younger age. Never use to spend and try to use it for education (or) investing on me interns of education.
Right now iam saving for:
1) for my kid education
2) for my knowledge by attending courses.
3) investing for the steady state of passive income. 4) For Retirement.
5) above all if money is left out then travel.
For me wasting money on unwanted things is a waste, if it is not useful for the longer run.
I had a miniture treasure chest where I would put my loose change and angpao money in (I still have it today!). Since young, I always had this concept that one should save for a rainy day and have been doing so since then. Right now, the goal remains. However, I have also moved on to saving for year end trips for my family members and I.
I was once a bubbly and active little girl who loves KPOP. When i was in primary 2, my pocket money was around $3 everyday and i would strive to save at least $1 or $0.50 so that i can buy my favourite girl/boy group merchandises. It made me look forward to saving!
In contrast, i am saving for my daily allowances and future expenses for tertiary education. Even though the purpose that i am saving now is different as compared to the past, the enjoyment of saving has never left me and made me feel good whenever i save!
Which is also why i encourage all teenagers to save!!! :D
My first encounter with savings was in Primary 1, when my dad would give me a $1 gold coin daily for recess. It felt so liberating! This was the first time I could choose what to buy at recess. I recall it was always such a hard choice, deciding between my favorite economic kway teow noodle mix, a ribena drink (those were largely forbidden in my household), or country erasers and stickers from the friendly uncle at the bookstore, where we would all crowd excitedly and offer up our money. I would save $0.20 each day, so that the following week, I would have an extra $1 on Friday as a special treat which I could use to buy something bigger. Ahh, to be young and enamoured by the possibilities that a simple $1 presents!
Fast forward 30 years later, as a young mother of two energetic boys, my savings goals have become more practical, but no less meaningful - i) an annual family holiday, so that as a family we travel together, make new memories, test our boundaries and build up our personal resilience ii) education - so that the boys will be able to enjoy the luxury of education and their first jobs without having to worry about student loans and iii) retirement - so that I will not be a liability to my sons in my older age, as they in turn take on familial responsibilities of their own.
Thank you very much, Seedly, for providing a straightforward platform to educate ourselves on financial planning matters (I still have alot to learn!), that is time-efficient, easy to understand, non-sales-y, and ultimately, that will continue to have a noble impact on individuals and families across Singapore and beyond.