Sunday, 3 October 2010

Virtual Piggy Bank - a method of saving with plastic money

You must have heard about piggy Bank. Sure we may have coins and small notes in our pocket at the end of a day. Normally we keep it anywhere else or in a piggy bank. After a certain period this accumulated money become a good amount and can use for any needy circumstances. A good idea of small saving and some time we could teach our children this method of saving. This is according to the theory that “little drops of water make a mighty ocean”. Even though there is not much money like ocean, you can make a good amount with this piggy bank habit.

But fortunately or unfortunately we are not using paper money or coins at present. We are using debit cards, credit cards and such paper monies. Then there are no coins at the end of the day. So this piggy bank habit is also at its extinction.

But some new generation banks introduced a solution for this problem. They allow plastic money users to create a virtual piggy bank. When you use your card to make any purchase, the bank rounds the total purchase price of the item up to the nearest dollar. The difference of the purchase price and the rounded dollar is then transferred to your savings account.  If you Purchase a cartoon book for your kid at $ 14.10 , they will round the price to the next dollar, that is $ 15 and the remaining amount of $0.90 (90 cents) automatically deposit in your savings account and after a certain period all these accumulated differences and its interest will become a good money.

How is this idea? No doubt it is interesting. Yes these little drops will make a good accumulation and help you to meet any of your financial goals in future.

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