There are many alternatives to using a traditional money box or piggy bank to save money. Here are some quick answers to questions about money box alternatives:
Why use something other than a traditional money box?
There are a few reasons you may want to use something besides a traditional coin bank:
- You want a more secure place to store money
- You want to earn interest on savings
- You want a tool to help automate saving
- You want something more portable than a clunky coin bank
What are some secure alternatives to a money box for saving cash?
If you are looking to securely store physical cash, some options include:
- A lockbox or safe – This keeps money locked away and less accessible for impulse spending
- Zip-up bank bags – These provide portable, zippered pouches to organize and transport money
- Hidden stash spots – Places like books with cut-out compartments or locked drawers can discreetly hold money
What are good options for earning interest on savings?
Unlike a traditional piggy bank, these options allow you to earn interest on savings:
- High-yield savings accounts – These provide higher interest rates than typical savings accounts
- Money market accounts – Similar to savings but may have higher rates; some restrictions
- Certificates of deposit (CDs) – Lock up money for a set period to earn interest
- Treasury securities – Low-risk but higher earning government-backed investments
What tools can I use to automate saving money?
Some tools that make saving automatic:
- Automatic bank transfers – Set up recurring transfers from checking to savings accounts
- Payroll deductions – Automate putting a portion of each paycheck into savings
- Online saving apps – Have small amounts automatically deposited into savings, like Acorns or Digit
- Retirement accounts – Workplace plans like 401(k)s let you automatically contribute
What are some good portable alternatives to large money boxes?
For saving on-the-go, some good options include:
- Savings-specific prepaid debit cards
- Mobile payment apps with savings features, like PayPal or Venmo
- Savings challenges banks provide, tracking digital transfers
- Investment apps that let you automate buying stocks/funds
What everyday household items can double as money boxes?
You can repurpose many common items to stash your cash savings:
- Jars – Glass, plastic, or ceramic jars work well to fill with bills and coins
- Envelopes – Use letter envelopes to hold money for different savings goals
- Empty containers – Clean out containers from oatmeal, coffee, or other goods to use
- Books – Hollow out books to create hidden savings compartments
- Purses, bags, or backpacks – Designate one to be your savings purse/bag
- Socks – Long socks with elastic tops can hold money and stay bundled
Mason jars
Small glass mason jars are one of the most popular repurposed items people use instead of traditional piggy banks. They are clean, sturdy vessels that comes in many sizes, shapes and colors for saving money. Decorate them with stickers, paint, or labels for different savings goals. The wide mouths make getting money in and out easy.
Zipper pouches
Reusable zipper pouches, bags or coin purses allow you to safely store money while keeping it organized and portable. Look for pouches in fun designs or label them for different purposes like an emergency fund or vacation savings.
Coffee tins
Once empty, coffee tins with plastic lids make great money boxes you can decorate. The plastic lid will keep odors out and the money in. Opt for metal tins which are sturdier. Clean thoroughly before using.
Should I save money at home or in a bank account?
Here are some pros and cons of saving at home versus in a bank account:
Saving at home
Pros:
- Immediate access to your money at any time
- Avoid banking fees with no association to a financial institution
- Teaches discipline as you manually contribute and see savings grow
Cons:
- No security if money is lost or stolen
- No interest earned on amounts saved
- Requires physical depositing of cash frequently
Saving in a bank account
Pros:
- FDIC insured protection up to $250,000 in case of bank failure
- Opportunity to earn interest on savings, increasing the amount
- Convenient access to money with an ATM/debit card
Cons:
- Less visibility into amounts saved compared to a physical money box
- May be subject to fees like monthly maintenance or overdraft
- Immediate access can tempt spending instead of saving
How do digital money boxes and apps work?
There are now digital alternatives to traditional physical money boxes and banks. Many work through a linked debit card and mobile app that help automate your saving.
Some common features of digital money boxes include:
- Round up transactions – Rounding up purchase amounts to the nearest dollar allows the excess change to be deposited into savings.
- Set periodic transfers – Choose to transfer set dollar amounts from checking to savings on a schedule, like $5 daily.
- Save change – Virtual “change jars” let you deposit digital change from transactions.
- Set savings goals – Earmark money you contribute to different savings targets like an emergency fund.
- Earn interest – Interest-bearing savings or investment accounts allow you to earn on amounts saved.
- Withdrawal restrictions – Limitations like penalties for early withdrawals encourage more disciplined saving.
Examples of digital money box apps
Some popular digital money saving tools include:
- Acorns – Invests your “spare change” in diversified ETF portfolios
- Digit – Automatically saves small amounts using algorithms; offers savings bonuses
- Qapital – Lets you set up automatic saving rules catered to goals
- Moneybox – Round-up saving and investing app for UK residents
- Long Game – Saves into prize-linked savings accounts with cash rewards
What are creative ways I can decorate or divide my money box?
There are endless creative ways to decorate a money box to motivate your savings habit:
- Use stickers and labels to designate categories for different savings goals like vacation, car, down payment, etc.
- Get crafty with paint, glitter, and other embellishments to personalize your box or jar to your style.
- Divide up your storage vessel into compartments for allocating portions to different priorities.
- Keep coin rolls on hand so you can roll coins and cash them in as your stash gets full.
- Add encouraging quotes or sayings about saving to remind you of financial goals.
- Have kids decorate their own boxes to get them excited about saving and learning money habits.
The decorating options are endless. Get creative in ways that will make you happiest about your saving and keep you motivated. Change it up periodically for a fresh feel.
Ideas for decorating money boxes
Some fun decorating ideas include:
- Painting your box and adding glitter, rhinestones or other embellishments
- Cutting out pictures of destinations and items you’re saving for to make a collage
- Using washi tape, stickers or sharpies to personalize and label your box
- Attaching ribbons, flowers, lace or other decorative touches
- Adding inspirational quotes about money using printable stickers or vinyl
Ways to divide up your money box
To allocate your savings, you can:
- Use dividers or compartments built into some bank designs
- Separate savings into envelopes or bags stored in one large container
- Divide up one vessel into segments using craft dividers
- Use multiple smaller boxes, jars, bags or cans to represent different goals
- Color code with labels, stickers or rubber bands to assign categories
Should I involve my kids in saving with a money box?
Using money boxes can be a great way to teach kids about saving from an early age. Some benefits of involving kids include:
- They learn the value of money when they earn and save it.
- It builds a strong financial literacy foundation.
- It helps kids practice patience and delayed gratification.
- It allows for discussions on goals, wants vs. needs, planning.
- It teaches discipline and responsibility around money management.
Tips for successfully using money boxes with kids:
- Introduce the concept simply – explain saving money for future goals
- Make it fun – let them decorate their own box to get excited
- Give them opportunities to earn – reward chores or achievements by allowing them to save a portion
- Agree to a goal – have something specific they are saving up money for like a toy or outing
- Make it a habit – set regular times to put money in like after an allowance
Using a money box is generally recommended for kids ages 4-14. Make it a positive experience and encourage their continued progression in money management.
Making money boxes fun for kids
Some ways to make saving more fun for kids include:
- Letting them decorate their own box with stickers, paint, glitter, etc.
- Making depositing money a consistent routine like after receiving an allowance
- Using clear jars so they can see their savings grow before their eyes
- Encouraging friendly competitions between siblings to see who can save the most
- Making savings goals visual by creating progress charts
- Occasionally exchanging full coin rolls at the bank for cash to deposit
Teaching kids about money boxes
When introducing kids to money boxes, be sure to explain:
- Why saving is important – to afford things later vs. spending now
- How steadily adding money can grow into larger amounts
- Ways they can earn money through chores, gifts or allowances
- How tracking progress helps to achieve savings goals
- That their savings belongs to them for their own goals
Keep lessons simple, engaging and positive. Learning good savings habits young builds responsible skills.
What are creative alternatives I can make at home besides a traditional piggy bank?
If you want to get crafty, there are lots of creative money boxes you can make at home, like:
- Painted wood or tin boxes with coin slot
- Mason jars decorated with stickers, paint, lace, etc.
- Origami money folds that unfold to store bills or checks
- Toilet paper rolls covered in decorative paper or fabric
- 3D cardboard models like a school bus, rocket ship or vending machine
- Plush animals like bears, elephants or unicorns with savings pouches
You can also upcycle common household items to give them new life as DIY money boxes:
- Used food jars or cans covered in decorative duct tape
- Old books carved out to create a hollow hiding place
- Baby food pouches or plastic bottles cut with coin slot
- Egg cartons glued together into fun shapes with painted designs
The only limit is your imagination – be as creative as you like to make saving money fun!
How to make a mason jar money box
You’ll need: mason jar, decorative paper or fabric, glue, foam brush
- Clean and dry pint or quart sized mason jar thoroughly
- Cut out paper or fabric into strips wide enough to cover jar circumference
- Brush glue in even layer across entire outside of jar
- Smooth paper or fabric strips onto jar, overlapping edges
- Apply second layer of glue over paper/fabric to seal down
- Allow to fully dry before using
How to make an origami money box
You’ll need: sheet of origami paper, double-sided tape
- Fold paper according to origami box instructions
- Once folded up into a box, use small strips of double-sided tape to hold folded edges together
- Open top flap to insert money into the box
- Can fold up flat again to store filled box in drawer, purse or wallet for portability
Conclusion
There are endless creative alternatives to plain old piggy banks for saving your money. Whether you want increased security, better accessibility, fun designs, automated features, or ways to teach kids – there are so many options out there. Finding the right method can help make saving feel more engaging. The most important thing is to choose a strategy that works with your lifestyle and keeps you motivated.