Recently updated on: September 20, 2023
Piggy banks are a simple and uncomplicated method to teach kids how to save. However, even young and older adults can still utilize this seemingly elementary tool when saving for low-priority, short-term goals.
This activity is best suited for those starting to develop their discipline to save. It is also a fun exercise even for those who can allocate a higher amount from their existing budget.
Related: Don’t Wait Until You’re Rich Before You Start Saving
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What Is a Low-Priority, Short-Term Goal?
Low-priority, short-term goals are items or activities that are not urgent but are still on your bucket list for the near future.
It may be to buy a new pair of running shoes, a concert ticket, Christmas gifts come December, and many more.
Whatever it is, it is important to put a name to your goal, a target amount, and a potential completion date -- missing one of these three criteria makes your goal incomplete.
However, since you only aim for a low-priority goal, you can always adjust the completion date until you reach your target amount.
For example, I usually used my coin bank to fund my running hobby when I was still active in half-marathons. My target amount is P1,000 to pay for my monthly race registration tickets.
However, if I fail to reach my desired amount, I will have to wait until next month before joining. The discipline I built through this piggy bank for adults method has been integral to who I am today and how I manage my finances.
What Kind of Piggy Bank Should You Use?

Like a child's piggy bank, you can buy one from your nearest shopping center, use a native bamboo coin bank, or just an empty Stik-O jar (which I currently use).
Just ensure you place it in a secure location that will help you remain disciplined and motivated. You can put it under your bed, inside your cabinet, or on your working table. Just keep it away from potential "kupit."
Choose Your Preferred Denomination

Now that you have established your goal and readied your piggy bank, you can select your preferred denomination - coin or paper bill.
When selecting which kind of money to set aside, you must choose a less circulated amount to avoid placing all your cash on hand in your piggy bank.
I prefer P10 coins because they are not as common as the P5 and P1 coins but are more common than the P20 coins (a sad reality of pesos losing value).
Some people use the "Invisible P50 Challenge," where you will automatically hide every P50 bill that comes your way. I also tried to do this once, but I once paid P1,000 and was given 18 pieces of P50 bills as a change. I realized there were better amounts to choose from.
Others prefer the more elusive P200 bill as their desired amount, especially when they aim to save for a bigger purchase.
However, since we are targeting a low-priority item, we will have to wait slightly longer until we reach our desired amount.
How Long Should You Save Using the Piggy Bank?
The duration of using your piggy bank will always depend on your goal. Some goals may require a few months, while others may need more than a year.
Remember that you are only saving for a low-priority goal, so you don't have to try very hard to reach your desired amount as fast as possible.
Expert Tip: Exchange and Deposit
Since you are saving using coins and banknotes in your adult piggy bank, you are removing money from circulation, which can be a problem if more and more people do it.
The Bangko Sentral ng Pilipinas (BSP) has set the legal tender for Philippine money, specifically coins.
For example, P1, P5, P10, and P20 coins have a legal tender of P1,000, which means they can be used to pay financial obligations up to that amount. You may read this explainer for a better understanding.
Since I use P10 coins as my denomination of choice with a legal tender of P1,000, I deposit it in my bank or exchange it with some shops and stalls for every thousand pesos I save.
After exchanging my coins for paper bills, I deposit them using my bank's automatic deposit machines.
Afterward, I transfer it to one of my digital banks and add it to its specific stash or goal.
What To Do Next?
Once you reach your goal, you can rinse and repeat the process to finance other low-priority goals.
Though I can always save for these items and include them in your monthly budget, I still love doing this method since it gives me enough time to save for something that is not in a rush to complete.
This exercise aims to develop consistency, discipline in handling money, and the patience to wait until the right time. It is also one of the things that helped me avoid impulse buying.
Try this method and tag me if it helps! Happy saving!