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lessons from a piggy bank
redondo
#1 Posted : Friday, December 11, 2009 8:04:47 AM
Rank: Member


Joined: 12/2/2009
Posts: 161
Location: nairobi
last month my wife brought home this piggy bank and she said she wants to teach our 2 year old daughter a thing or two about saving. obviously our daughter has no money of her own so i started slotting every coin i had left in my pocket at the end of each day. i was pleasantly surprised to discover that the piggy bank had accumulated 5K at the end of the month. i quickly deposited this in the little girls bank account.

"take care of the pennies and the pounds will take care of themselves"smile
2012
#2 Posted : Friday, December 11, 2009 8:26:22 AM
Rank: Elder


Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Wow! That must be a big piggy.

BBI will solve it
:)
redondo
#3 Posted : Friday, December 11, 2009 8:38:00 AM
Rank: Member


Joined: 12/2/2009
Posts: 161
Location: nairobi
the lesson has been great. am little stingy though with my coins now. it takes some coercion from my wife to surrender 10 bob to the street guy(watchman or otherwise)who feels entitled for "watching" over my car while its parked in town.
Ondiek
#4 Posted : Friday, December 11, 2009 9:57:37 AM
Rank: Member


Joined: 6/21/2009
Posts: 292
I once accumulated 38K in coins the only hustle was taking them to the bank as they were quite heavy. Get into the discipline of keeping coins and you will be surprised how much you will save.
kadonye
#5 Posted : Friday, December 11, 2009 11:10:33 AM
Rank: Elder


Joined: 5/30/2009
Posts: 1,390
Now i know why we dönt get coins in supermarkets!
What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
Ondiek
#6 Posted : Friday, December 11, 2009 11:32:38 AM
Rank: Member


Joined: 6/21/2009
Posts: 292
@ Kadonye - The minimum I kept was Ksh 5 and not Ksh 1 which is what has been missing!!!!
Fundaah
#7 Posted : Friday, December 11, 2009 12:35:27 PM
Rank: Elder


Joined: 11/19/2008
Posts: 1,267
as Kadonye has said .....the only issue with piggy banks is that if many people own them...it may hurt the economy and mean more taxes if the government has to keep on printing money...especially the expensive coin money printing.....As we talk now there is shortage of coins because many people leave them at home....as such you are forced to 'buy' sweets in many supermarkets ....
Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
2012
#8 Posted : Friday, December 11, 2009 12:56:37 PM
Rank: Elder


Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
I don't think it would hurt the economy... The economy should be able to absolve this after all Kenyans are not known for saving and worst still inflation has taught us lessons on holding on to cash.

BBI will solve it
:)
Fundaah
#9 Posted : Friday, December 11, 2009 1:04:20 PM
Rank: Elder


Joined: 11/19/2008
Posts: 1,267
You can hear it from the horses mouth...ie CBK governor

http://www.standardmedia...id=1144025025&cid=14
Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
akowally
#10 Posted : Tuesday, December 15, 2009 10:59:02 AM
Rank: Veteran


Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
Yaani Supermarkets still give guys sweets for coins ama it's the ones I go to which have reformed...Tuskys and Uchumi. Anyway @ redondo ... I remember in my High School days I used to buy a lot of stuff from my piggy...in fact I think I will give this idea serious consideration
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redondo
#11 Posted : Tuesday, December 15, 2009 1:07:51 PM
Rank: Member


Joined: 12/2/2009
Posts: 161
Location: nairobi
@akowally. those coins are getting more and more precious.just go ask this restaurant on the ground floor of reinsurance plaza. i think its called the walkers. these guys have odd prices. items on their menu are priced at ksh67 or Kshs69 or khs56. once you have paid, the waiter will often come back to you saying he doesn't have 3 bob or 1 bob to give back as change. most customers end up losing out but imagine how much they accumulate daily this way!
2012
#12 Posted : Tuesday, December 15, 2009 2:22:52 PM
Rank: Elder


Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
@Fuddah

That article explains it all. The reason people are keeping coins is diminishing value. I keep coins in the car because I don't like the sound when I pocket them, walking around everyone looking at you wondering if you stole some catholic alter boy's bells.

Remember those copper 10cts of back in the days? Clever chutas realised they were worth more than their value and melted them. Talk of buying low and selling high d'oh!

BBI will solve it
:)
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