National Piggy Bank Day—June 19, 2007

Economic Explosion

A penny and dime
Dropped in piggy bank
Converts to savings

Gadabout has devised a plan to pump up the national economy through increased personal savings. As you might already know, Americans don’t save much money—at least that is what we are led to believe. To counter this negative trend, Gadabout is announcing the first annual “National Piggy Bank Day” where Americans are encouraged to deposit their change from piggy banks, change jars and ashtrays into checking and savings accounts. Gadabout believes this will add liquidity and stimulus to the economy that can be utilized to upgrade our country’s infrastructure, increase funds available for lending to buy homes and automobiles, and pump up the savings rate for a healthy economic outlook.

As always, Gadabout has done the research, but let’s not get bogged down with details. Instead, just take my word on it and let’s start saving cash and propping up our economy for future generations. Most American households keep a change jar of some sort. This is a fact. In fact, most individuals keep an extensive amount of change that is usually converted to dollars at grocery stores, redeemed in the form of a cash card or hard dollars discounted via a 20% fee. Forget the cash cards and don’t be robbed of 20% just because it is too inconvenient to roll loose change. Many banks and credit unions have change counting machines installed in certain locations that are free of charge where deposits flow directly into established accounts.

How much “change” is out there? Well, a friend of mine keeps a big Tupperware container for his change and he recently cashed it in for over $1,000. That is real cash! I personally keep change in a metal scotch whiskey packaging container and it holds about $300. Parents often give their children piggy banks to learn the fine art of savings, and often there is mega bucks resting peacefully within its belly. How about ashtrays in cars? Just about everyone keeps change handy in ashtrays.

Gadabout estimates that there is about $25 in loose change for every man, woman and child in this country resting "in state" at any moment in time. This excludes coin collections and dollars stashed under the mattress. Since the population is over 300 million (excluding nonresidents), that amounts to $7.5 billion in cash available for immediate deposit. That is real money, folks!

If you want to teach children how to save take them to the bank and deposit that $$$ into a savings account. They will receive monthly statements and watch their savings grow with interest over time. This might motivate them to work, save and continue to invest. It is the right thing to do. Support National Piggy Bank Day this year, and invest in America.