If someone asks you what the most common thing students forget to pack when heading off to college is, what would you say? Clothes hangers? Shower shoes? An extra set of sheets? My answer would be simple — a piggy bank.
Photo by Daniel Y. Go
A few years ago I was getting ready to head off to college. I had been exchanging emails with my roommate to figure out who was going to bring what. We had everything covered, or so I thought:
- TV — Check!
- Microwave — Right on!
- Mini fridge — Dude, we got one!
- Telephone — Sweet!
- Computers — I’ll take two!
- Nostalgia — Yes, please!
Looking back, I can’t believe I forgot to pack my piggy bank. How could I forgotten one of my favorite childhood pastimes? I don’t even want to know how many times I emptied my piggy bank, counted the change, and filled it back up.
I think we all have memories of our first piggy bank. I’ve been through a variety of piggy banks in my day — the coin cannon, the eerily cute bear, and the “OMG, it’s a giant pig!”-gy bank to name a few. However, the piggy bank I remember the most is the one that my family used the most — the old coffee can.
You can thank your parents for whether or not your piggy bank was actually a pig and whether or not there was actually any change in it. I was fortunate enough to have parents who taught me how to keep it stocked. Every bit of spare change ended up in that coffee can. I enjoyed watching the coffee can fill up to the top. It usually didn’t take long.
Having forgotten to pack my piggy bank for college, I’m not sure where all of my spare change went during my undergraduate years. Since I can’t travel back in time, I’m probably never going to find out. What I do know is that I’m glad I remembered to pack my piggy bank for grad school. In about two years, I collected over $100 in change in a lovely Gladware container. Considering it was just scraps of the cash I had spent, it was a nice chunk of change.
The best part of a piggy bank is that it holds money that you don’t even realize is missing. It’s kind of like a dog burying a bone and forgetting about it. But please, don’t forget about your piggy bank.
The best piggy banks don’t have to be shaped like pigs or banks. The important thing is that you have a common place to keep your spare change. You’ll be surprised at how much money ends up in there. Depending on how often you use cash, you could have anywhere from a few dollars to a few hundred dollars after a year.
So the next time you or someone you know is about to head off to college, please just remember one thing — you’re never too old for a piggy bank.
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{ 5 comments… read them below or add one }
I too am a big fan of the piggy bank. Too many people think that saving their change is not even worth the effort, but saving SOMETHING puts you ahead of the majority of Americans (since two years ago the savings rate went negative!)
When I read your article I was thinking what else is essential when someone is moving to start a new life somewhere. What are the obvious things that we too often forget? One of those big things too many people overlook is insurance.
I work as a financial advisor for young professionals and always recommend having a plan as young as possible. Before young adults even start thinking about savings and investments, I suggest they ask themselves: What if something were to happen to me, or my place of residence, that could threaten my financial security?
Whether you’re envisioning a fire, burglary, or major health issue, the best way to safeguard your current financial position against such surprise events is to buy insurance. Of course everyone knows the obvious must-haves like health or car insurance, but a much more overlooked must have insurance is renters insurance. Most people just starting out do not own homes, but that does not mean that their belongings are any less valuable. And contrary to popular belief, landlords are not responsible for any of your valuables ruined in a fire, or stolen during a break-in. Renters insurance also covers your valuables when you are traveling. Should your car get broken into, or your luggage and/or expensive equipment lost during vacation, you can recoup any losses with a renters insurance policy. Since policies are extremely easy to come by and cost about the price of a pizza per month, there’s little excuse not to get one. You can search online for a policy but a pretty cool website is Liberty Mutual’s http://www.youcovered.com, because you can get a free quote without putting in any personal information.
Thanks for the great advice, Peter. I’ve been told in the past to get renters insurance, yet I never seem to get around to doing it. I’m definitely going get renters insurance when I move into a new apartment next year. I didn’t realize that it also covers your valuables when traveling, and it really does only cost about the price of a case of beer each month.
no problem. I always like to give the easy no brainer advice. makes my job as a financial advisor easier
I love having a piggy bank. I remember having a lot of them filled up during my childhood. Up till now, I still use them but now I’m more organized. I have separate banks for pennies, dimes and quarters.
You’re right, renters insurance is affordable but if you’re saving money with a piggy bank, you’re money might be better spent on relieving some stress at the local pub reviewing your school transcripts. As for the cost of rental insurance, we’ve seen policies as low as $5 a month but that all depends on how much personal property you have. Considering most college students now have a lab top they carry with them everywhere, rental insurance is a great idea considering the price on these new Macbooks!