Having a money box savings plan for 2019

When I read in Esther’s blog that one Omobolanle Adeyemo managed to save up ₦224K in her money box in just a year, I was too stunned to speak. I was amazed to learn she had even saved up ₦101K only a year before… I mean, that’s quite a lot of money to save up in a year!

I’m impressed.

Saving in money boxes (or kolo, as we Nigerians mostly call it) was something I loved doing as a kid. It was also how I got my first smartphone in late 2015 – and how I got my second smartphone two years later after the first one was stolen.

A kolo doesn’t necessarily have to be like those fancy money boxes children use in the movies. Yours can be more… traditional.

As far as I’m concerned, a kolo is practically any container that has a slot that’s wide enough for you to put in your money but narrow enough to stop you from taking out that money. And while some people prefer to buy theirs, some others, like me, prefer to make it themselves.

Seeing as I couldn’t afford a proper kolo when I was little, I made myself one from empty tin cans and plastic water bottles. The experience was always exciting because it wasn’t just me that did it. My friends also did theirs, then we would all take up a challenge to save up as much as we could throughout the year.

Then on Christmas Eve, we would break our kolo and the person with the lowest savings would buy the others a Christmas gift each as some sort of punishment for coming last.

This challenge my friends and I did years ago is similar to the one Omobolanle has challenged herself and her Facebook friends to do.

She calls her challenge the #PiggyBankProject and has provided some useful tips on how to save money for anyone who would like to join #PiggyBankProject2019.

Her tips are:

  • “Start today. No procrastination. You never achieve or enjoy the dividends of what you’ve never started.
  • How do you start? If you can’t get one at the moment, start with using a plastic bottle. My kolo for this year has been bought already. This is how committed I am to starting on the first day of the year.
  • Try as much as possible to put in notes daily; loose notes that you’ll normally spend on frivolities or money from side hustle, cash gifts etc.
  • No low domination notes, please. If you must put this into your bank, please have a separate piggy bank for this. The goal here is to get as much as possible at the end of your saving period. Low denomination notes would ruin this.
  • Be committed to this. This sounds cliché but you wouldn’t go far in this without discipline. Discipline would keep you in check, prevent you from breaking your bank before your due date.
  • It doesn’t matter if you have to break your bank earlier than your probable date to meet a need. That’s the whole essence of this project – to have money handy to meet you during your rainy day.
  • Think of the joy of delaying gratification while saving. This would sustain you while you save.
  • Remove your savings before any expense. This would prevent you from saving after you’ve spent all your earnings or saving below your target.
  • Piggy banks are different from investment plans. I can’t stress this enough. The money in your piggy bank does NOT grow. You only get accumulated funds of what you’ve saved over a period of time.
  • Keep your piggy bank away from thieves and external persons. My hubby did an excellent job in helping sage guarding my bank when I was away.

Remember, anyone can develop financial discipline (that includes you!), it just takes a willingness to change and develop new habits. When you do, your finances will take a turn for the better – you’ll have more money, save more money, and build more financial security for you and your family.

So, here is wishing all of you an amazing 2019 filled with accomplished dreams, favours, happiness and love. May you get the courage to pursue all your dreams this new year.

And when it’s finally December 2019, may you look back with gratitude in your hearts, praise in your lips and joy in your hearts.

Have an amazing year! Lots of love.”

That being said, I challenge you, my friends, to decide now to save as much as you possibly can this year. You never know when you would badly need the money.

So start a money box savings plan today, and I assure you that you won’t regret making this decision when the time comes for you to break your box.

I wish you success!

(Below are some pictures Omobolanle put up on her Facebook wall. I hope they inspire you to get your own kolo today.)

Omobolanle breaking the top of her money box
Omobolanle’s savings in a period of one year


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33 thoughts on “Having a money box savings plan for 2019”

  1. It’s funny that the person who lost due to having the least amount of money had to spend more money on gifts for others.

    I think it’s a great idea. I’m mostly a rational spender/ saver. What I like a lot is when people make a box for a specific purpose (like a trip to x, y, z). It gets you excited, and you don’t want to steal from it.

    Since our paychecks usually go to the bank, we pay bills online, and buy groceries with a credit card, we rarely see our money (which I think is a major problem). Because of that, saving the way you describe is not as easy for me. But by not withdrawing, and overspending, I am still saving. The sad thing is that I don’t get to see those bundles of cash at the end of the year.

    Liked by 2 people

  2. I do that, too. I’ve found that I’m more motivated to save when I’m saving for a specific purpose than when I’m saving just for the benefit of it. (That’s how I got my first and present phone)

    And you make a good point, Goldie. Saving with a money box can be difficult now that technology has greatly advanced.

    I guess the best way to save now is to make a budget every time we get our paychecks. We could just allocate portions of our money to certain categories (food, transport, clothes, phone, etc), then leave the rest in our bank accounts.

    And by spending wisely, even if we don’t get to see our many bundles of cash, we would feel satisfied knowing we’ve still got them and that they’re somewhere safe. 😉

    Liked by 1 person

  3. Sighs😔
    It takes a whole lot of discipline to save in a saving box…. I can only consider saving in a saving box for a particular purpose (like getting a gift or buying something necessary or paying up for something….. Blah blah…)
    It’s almost impossible for me to do that.
    Even if I’m going to get a saving box, I’d have to entrust it in someone’s hands so as not to lavish my savings in a twinkle of an eye
    Bad of me😪
    Maybe someday, I’ll consider saving in a box and probably follow the tips Omobolanle gave…. 😊
    Tanchu Obi🙃

    By the way, we call our saving box, konkon😂

    Liked by 1 person

    1. Konkon, kolo, why do they have to begin with a ‘K’!? 😂 😂
      You’re right about it taking a great deal of discipline to save in a konkon without breaking it before the due date. It takes discipline and the grace of God. 😂

      And you’re always welcome joor 😊

      Dalaphina, I’m trying to follow you on WordPress but it’s not working. You do blog at, right? 😶


    1. Yes, I agree with you! Totally.
      Because if it’s part of the budget and we’re not careful, we might not meet our target. We could spend more than we had planned to and save less. So to avoid that, it’s best to take your advice.

      Thank you for reading!

      Liked by 1 person

  4. This is amazing Obinna. In India, housewives do this by cheating their husbands. And many housewives accumulate so much of wealth that helped their husbands to start a business. Very lovely practice by Indian housewives which save the entire family during the crisis. The “Hidden Treasure”. As a child I too use to save coins in my piggy banks, now I don’t do it much. Thanks for writing a wonderful piece out of our childhood habits.

    Liked by 1 person

    1. Wow! I didn’t know. I think it’s very thoughtful and generous of those housewives to save ahead of a crisis.
      In the end, housewives are almost always the heroes in every household.

      Thank you for reading, Swastika!


    1. Ahhh, if you stay in a hostel, please don’t try this oh. It’s VERY dangerous. It might get stolen, and that would be a terrible thing to happen.

      If you have a friend or relation who lives alone and stays near your school, you can entrust your kolo with him or her – IF that person is trustworthy. If not, just save your money in the bank and be very mindful of how much you withdraw and spend.


  5. I love this do much. We’ve always had piggy banks shrn we were growing up and it was a great way to learn control and discipline with our money, as well as understanding that delayed gratification was better than instant gratification.

    Even now, in my late 30s I have a piggy bank, though it’s a very pretty on so it’s the type that has a stopper in the base because I’d never be able to bring myself to smash it open. Thankfully years of savingnlike this has taught me not to root inside until the allotted time period is up 😁

    I think more ppl should do the piggy bank challenge 😁.

    Liked by 1 person

    1. Wow! Thanks for sharing your experience, Ari! Most of the adults I know who are careful with the way they spend money had piggy banks when they were little.

      I think people, especially young people, should do this challenge. 😁

      Liked by 1 person

      1. I’ve noticed that too. There is definitely something to learning, at an early age, that we need to save for what we want. I wish all children were taught this.

        Liked by 1 person

    1. Well, to be frank with you, I’m not exactly the most financially literate person on earth 😂
      I don’t know too much about interest earning accounts. I had considered opening a fixed deposit account, but I hate the idea that I might not be able to use my money in times of crisis. This is why I opted for this simple saving scheme.

      Liked by 2 people

    2. An interest earning account used to be the way to do it. Nowadays the interest rates are so low that it’s almost isn’t worth it. You give the bank the money to hold and reinvest. THEY profit, you – not so much.

      Liked by 1 person

      1. That is the gospel truth, Goldie. I did some research on some of the banks here that have the best interest rates. While their rates are better than most other banks, it’s not really encouraging.

        I’ve studied myself for a while. The best way for me to save is to mind how much or often I withdraw from the ATM and how much I spend my cash. If I’m disciplined enough to withdraw and spend wisely, I would save a reasonable amount of money.

        Liked by 1 person

  6. Wow!
    One of my new year resolution was to start saving with a piggybank. But, I procrastinate too much and I’ve not started saving yet and this this the third month.
    Now, that I’ve read this post, I’ll start saving right away.
    Nice post, Shards.

    Liked by 1 person

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