Piggy Banks----How many of you have it?

vow an intresting thread

I love piggy bank, I have 2 of them, one I collect coins, anotherone for ten rupees.
when my coin bank is full, I will open it with full enthu and curiosity.
when I was young (studying 3rd or 4th) I use to take a handfull of coins from the place where they keep money at my house and put it in my piggy bank and tell my dad wantedly I didnt take coins from yours dad, he will laugh and say its ok, you can take you are only saving it....I remebered that incident when talking about piggy banks..

 

Hi,
My two year old son everyday collects Rs 5/- from all the family members and put it in his Piggy Bank.He do this as a first thing in the morning.
We have also opened a JUMBO account in his name in the bank to deposit his Piggy bank collections

Thanks
Aiswarya

 

Hi Aishwarya,

Go for a SIP instead of depositing in savings account. Treat this as your son's retirement fund...Sounds bit too early to invest for his retirement?

You know he will retire someday. I'm sure you do not want him to turn 30 and then realize the value of retirement planning.

Refer this calculation:
5 rupees from 3 family members everyday = 450 rupees
450 rupees invest in SIP
for 20 years @ 15% (assumed rate of return) = 682000
for 30 years @ 15% (assumed rate of return) = 3154419
for 40 years @ 15% (assumed rate of return) = 14131690
for 50 years @ 15% (assumed rate of return) = 62873112

Happy retirement for your son.

Regards,

Shaishav

 

hi srividhya nice thread
until my marraige i used to have a piggy bank,where i used to spend gifts for my parents,friends,for my accessories etc;.After my marraige i have given my daughter a yr back to her a piggy bank to save change(coins)where she used to do sometimes.as coming to me i used to collect all the change in home n drop in a box,we use whenever we want it,but by seeing ur thread i came to an idea,start a piggy for myself,will do it
thank you