In other words, be frugal. In still plainer words, do not spend every penny you make every month.
Anyways, piggy bank is the phrase to grasp here. The piggy bank is a container shaped in the form a little pig into which children put coins as their savings. Hence, when people talk about going to the piggy bank, they are talking about utilizing small savings they have put together on the side over time.
Here are two media examples involving the piggy bank:
1. It’s not easy to control your child’s temptations when he enters a mall or a huge toy store. Often you may find yourself loosening your purse strings just because your kid has set his eyes on a jazzy remote-controlled car or a flashy gun.
But this ‘your wish my command’ technique is not a healthy practice. Hence it’s in best interest of both the child and parents to instill financial discipline and adopt the technique of ‘value buy’ from early days.
We identified a couple of parents who understand the need to impart financial wisdom and implement some techniques to teach their little ones.
Kamlesh R Thakur, Manager of Pharmaceutical co.
“One of the main problems is that we earn much more than our parents today. And children have many more reasons to spend. Hence it is very important to draw a line from day one,” says Mr Thakur. He says he has already introduced his 4-year-old daughter to a piggy bank. He and his wife make regular contributions to the piggy bank.
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