The Disadvantages of Piggy Banks

by Desdemona Delacroix ; Updated July 27, 2017
Piggy banks are a good way to save small cash funds for a rainy day, but you may want to consider a different saving option for large amounts of money.

It's human nature to like what we can see and feel. Cash money may be more attractive to some people than the more common plastic or electronic forms of money used in society nowadays. However, the temptation to save your hard-earned cash in a piggy bank can end up leaving you short changed if you're not careful.

Interest

Make money with an interest-accruing account. By keeping your cash in a piggy bank, you will not be making any interest. Even if the interest rate in a bank account is very low, you are still making money by keeping your money there as opposed to leaving it in a non-interest-accruing container.

Disaster

Protect your money by keeping it somewhere it can't be lost, destroyed or stolen. A piggy bank is not very secure and could easily be broken or carried away.

Temptation

Avoid the urge to spend by storing your money somewhere out of reach. Piggy banks are terribly convenient for grabbing a little money here and there, but this will leave you broke.

About the Author

Desdemona Delacroix has been working as a freelance author in her spare time since 2000, writing short do-it-yourself and current events articles. She holds a Bachelor of Science degree in psychology from the University of Maryland University College, and she occasionally offers tutoring services in writing to undergraduate college students.

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