I was rummaging through my closet when I came across an old piggy bank. This white, breakable piggy bank with a rubber hole on its belly where coins can be inserted was my strategy for saving, way before I came to know about personal finance apps or even had my very first passbook.
I found myself taking a trip down memory lane and reminiscing about the toys and activities that taught me how to manage finances as a child. Are any of these familiar to you?
Apart from piggy banks like the one I own, the popular alkansya comes in all shapes and sizes – cylindrical and rectangular, small and humongous – made from a variety of materials like cardboard and porcelain. It always has that ubiquitous opening where coins snuggly fit in.
It works this way: members give a fixed amount (usually from their allowances) on a schedule previously agreed upon (usually on a daily basis) to an appointed keeper (usually called the “leader”). Every month, one member gets to receive a “salary,”’ which is the total of all contributions given by the group. Sounds a lot like mutual funds, doesn’t it?
From food to personal effects, the wares differ according to seasons, school days, and the seller’s tastes. But back then, entrepreneurs had to make do without the now defunct Multiply or other online means.
Learning to earn one’s keep is a useful skill to cultivate – think of pagbebenta as the stepping stone of many self-made millionaires.
Photo used under Creative Commons from Trading Academy