How Much Can You Save Per Year with A Piggy Bank for Spare Change?

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By Jacob Maslow

The amount of money you save yearly on a Piggy Bank depends on several things. Some people claim to save up to $2000+, while others don’t save up to half of that. It depends on your savings goal and how you plan to reach it. Apart from teaching kids how to save for a goal, the main idea of a piggy bank is for you to be able to organize spare change. But it can be a great tool to help reach some financial milestones.

For example, I started building an emergency fund three months ago. My goal for this fund is $2000. Raising this sum won’t be easy as a gig worker with no fixed or regular income. And the plan is to reach this goal before the end of the year. So far, I have been able to set aside $870+ in my emergency funds. $312 was raised by putting spare cash in my jar.

The piggy bank is strictly for putting my spare change to good use. Others use it to gather savings which they take to the bank. For instance, my auntie is using it to save for retirement. She puts money in her jar. Once it exceeds $30, she moves it to her retirement account.

The beauty of a piggy bank for adults is that it makes saving money for a goal easier. Many people struggle to save. Any large task can seem achievable if divided into smaller parts. Assuming your goal is to save $10000 to go on a trip three years from now. You must set aside at least $9 daily to reach this goal. If you put that in your piggy bank every day, you would be surprised how easy it is to achieve this goal. With the savings account interest, you would have enough for your trip when the time comes.

How to Use a piggy bank to improve your savings

Whether you plan to redecorate, create an emergency fund like me, or go on a trip, putting money in your piggy bank can go a long way to helping you achieve your goal.

Putting most of your spare cash aside, instead of spending them on irrelevant stuff, can move you closer to that savings goal.

Whatever your financial goals are, dividing them into the smallest part can lessen the pressure. You wouldn’t feel like you are missing out on enjoying your money if you put the loose change into your savings container.

Let’s say you are self-employed and contribute at least $500 monthly to your retirement account. That means you need to save $21 daily to meet this target. This may seem too much for some to put in a piggy bank daily. After all, a piggy bank enables you to save without pressure. But if you set a goal to put at least $50 in your container weekly, it adds up to a reasonable amount by the end of the month.

The piggy bank savings can help you reach this monthly goal. But you will have to strictly decide how much you would put into it and how often. If you commit to putting the $20 or $21 into it daily, you raise the $500 by the end of the month. Achieving it could mean gleaning the $20 off your daily expenses. It depends on your income and expenses, which you may have to cut. But it makes it easier to reach the goal rather than taking the lump from your income.

How to set and reach a savings goal using a piggy bank

Having a plan makes it easier to achieve a savings goal. If you simply put money away without a plan, withdrawing it for any “important” reason becomes easy. That is why it is better to determine the purpose of your savings.

Doing this keeps you focused on a goal and improves your spending and finances.

Here’s how to set a savings goal:

Determine the purpose of the savings

Why are you saving? The reason can range from buying a house to simply “for rainy days.” You may be saving for more than one or several reasons. Knowing the exact reasons you are saving helps determine how much you should put away.

Set a target period to achieve the savings goal

Once you have determined your saving reasons, you can set a target for the time you wish to achieve the amount. You would feel motivated toward the goal this way. The target timeline will depend on what you are saving for. For example, I am saving for my emergency fund and have set 6 months to reach that goal. If you are saving for redecorating or a trip, you might need much longer than this.

If the savings are for retirement, you can set the time based on your age since it requires an extended time. For instance, you can have $20000 in your retirement account when you reach 30 years old.

Divide your goal into smaller parts

You want to achieve this goal using your piggy bank. That means setting small amounts aside regularly. It could be daily, weekly, or even monthly. First, determine how much you need to save per month. Then break it down further to weeks. That way, you would know how much you need to accumulate in your jar to take to the bank by a set period.

Draw up your monthly budget

If you don’t already plan a budget, it is crucial that you start. A budget lets you plan your spending and savings. You now have a savings goal, so you must include it in the budget. Organizing your spare cash boosts your savings. But your savings plan requires ample room in your budget. Especially if you are saving for something big like a house, retirement, or a holiday.

Use a favorable savings tool

The savings account you move your money into should benefit your goals. If your plan is long-term (exceeding five years), consider high-yield accounts to benefit from the interest rates. It also takes care of the temptation of unplanned withdrawals.


Putting your spare change aside can make a difference in your savings goals. Make a plan and commit to it. You will find yourself achieving the savings target and paying for that special thing at the set time.


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