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| Photo of Ghana Commercial Bank Brach Logo at Tema Community 25 Mall |
Is it not amazing how you see little schoolchildren trying to put down some chicken change, or some coin to buy a toy on Christmas, celebrate a birthday, or spend on a day of vacation. Kids' behavior is a wonderful characteristic that must be nurtured and encouraged. In the future, these children will grow and not become spendthrifts because of the discipline they had growing up. Saving is an important asset in everyone's life; children need to be taught this early. It is normal in Ghanaian culture to see children at a very young age saving in a Susu Box, what I call Ghana's Piggy Bank. In this blog, I will talk more about the Susu Box, its advantages, disadvantages, how it is made, and its development. I will also let you understand why choosing the bank over the susu box is very important.
The Piggy Bank is a pig-like structure with a small opening at its back where money in the form of coins or paper can be dropped. The Piggy Bank is also known as the Penny Bank or money box. It helps teach both children and adults the importance of saving money. In Ghana, the piggy bank is not common in this country due to the lack of technological and technical know-how. The machines, and people to develop the piggy bank in Ghana are not really available, and if available, they are barely heard of.
What do the Ghanaians do?
Not having a rubber-type piggy bank in Ghana doesn't have any effect on the level of savings the citizens can make. Ghanaians have in their own knowledge and experience developed their own piggy banks which they refer to as the Susu Box. It is made of plywood which is caught into rectangular and square shapes with accurate measurement. These shapes are joined together with nails to form a box. The carpenter or designer makes a small opening at one end where money is dropped into the box. Its price is cheap and affordable but it also comes with its advantages and disadvantages. Over the years, the Susu Box has been modified into various shapes, especially cylindrical shapes. Some of the ones I have come across were made with PVC pipes and joined together with glue, mostly the epoxy which is common in Ghana. Some have come in the form of papers.
What are the merits of the Susu Box?
The Susu Box has many advantages that one might even not consider. Below, I am going to amaze you with seven (7) advantages that the Susu Box has.
1. The susu box as you see it encourages saving habits because it helps individuals discipline themselves. Let us say, Kofi who is a student, wants to buy a particular textbook to improve his academic performance. Kofi will do everything possible to reach his target before breaking his box. As he practices this regularly, he is going to develop a good savings habit even for his future.
2. A lot of the friends I have, who have their own Susu Box keep it very safe places from prying eyes and prevent thievery. This provides them with secured space for storing their money while reducing the risk of theft.
3. In terms of goal settings this box has the power and ability to encourage people to endure and save for long terms. Most of the interviews I have conducted proved that people dedicated to savings with the Susu Box have long-term financial goals.
4. One astonishing thing is that this box is not expensive, and maintaining it comes with little or no cost at all.
5. They are often small and portable, making them easy to manage and carry around. You can drop your money in at any point in time so far as it is with you.
6. Saving in the Susu Box doesn't need a person to go and stand in a long queue or feel some forms before saving, saving is at your own convenience.
7. Saving in such boxes encourages financial literacy as you learn to manage your finances, and keep records of your savings.
One thing you should also have to keep in mind is that the Susu Box though is good to keep around comes with its own disadvantages too. Though it helps some people, the level of temptation is very high. Mostly, the feeling of breaking your box and using that money to cover one or two things is very rampant and common. There is also this form where due to a disaster, there could be a flooding or fire outbreak which makes you lose access to your entire savings. A relative who knows about your savings could easily steal some money while you are away for a long and this will be kinda hard to find out until you someday break your box.
Why choose the Bank of the Susu Box
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1. The banking system is in various forms. It has been so much developed that you can even bank online. Just be in the convenience of your home and save, withdraw, or buy something online. This is to me one of the key reasons why you should choose to save in the bank also, instead of saving in the susu box all the time.
2. The bank accepts huge sums of money, while the savings box can only hold a small amount. You could save huge sums of money and perform transactions with ease, but the savings box can't help with that.
3. The fear of people stealing and running away with your money is drastically reduced. It is advisable to save money in the banks, as it is safe and secure.
4. The banks come in for you when you need help with loans and mortgages. Also, banks have ATMs and branches worldwide where you can stop by and make fast withdrawals anytime.
5. When you save your money in the bank, they give you interest in your savings, and on deposits to help you grow your savings account.
6. The bank makes investment opportunities available for you where you can earn dividends from shares and bonds.
7. The banks monitor your account and savings and spending. Usually, you are not allowed to withdraw every amount in your account.
8. In terms of emergencies you can always rely on the banks since they will always come through for you.
Looking at it from a standpoint, the points above outline the various advantages of the bank over the susu box. It is therefore needful and of equal importance to save at the banks also, instead of saving always in the savings box. Thank you.
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