
“Alkansya” is Filipino for “coin bank” and it is a critical part of the upbringing of children in the Phillippines. It’s very similar to what Nigerian children have as “kolo” or piggybank.
You probably already know where this post is going. What you don’t know, however, is how this applies to you considering that you likely don’t have a kolo anymore.
This post is considered a Filipino reminder that spare cash should not be treated as money for frivolities. It should be seen as an opportunity to reach your financial goals faster.

Growing up, remember how excited we were to put money inside our kolo, and shake it to reassure ourselves that all the money was still there? That is the same energy Filipinos have in aggressively treating spare cash in their alkansya.
Many people don’t use a kolo anymore, because we have replaced it with digital platforms like Cowrywise, but the same energy should be replicated on these platforms.
In this context, “spare cash” refers to money you were not expecting – cash gifts, loan refunds, etc
Here are 4 things you can do with spare cash.
Repay your Debt
This one is quite straightforward and is only wise. It would be irresponsible of anyone who is in debt to spend spare cash recklessly. Spare cash should be used to first pay off any outstanding debt or loans.
Start an Emergency Fund
If you don’t already have one, this is a good opportunity to create one. Emergency funds are even more important these days with how volatile the economy is. People lose their jobs in minutes and are left stranded because they did not have emergency funds. Spare cash is a good opportunity to create one or top it up.
Top Up your Long-Term Savings Plan
Considering that you were not expecting the money, it follows to tuck it away safely in a long-term savings plan. Children break their alkansya at the end of the year and are filled with so much joy at how much they have been able to save. You get the same feeling when your maturity date reaches and you either withdraw or roll over.
Buy More Units of Mutual Funds
Spare cash, like I said earlier should be seen as an opportunity to reach your financial goals faster. Buying more units of mutual funds is a good way to go when you receive cash gifts. You can even decide to invest in higher-risk funds since you weren’t expecting the money in the first place.
Learn more about how to manage your personal finances.

In summary
- Repay any debts you might have
- Start an Emergency Fund or top up your existing one
- Top up your long-term savings plan
- Buy more units of mutual funds
Filipinos are very strict about their children each having an alkansya, and is a very good way to inculcate good money habits in them from the onset.
Watch this video on how to make Alkansya by yourself:
As adults, it would then be a lot easier to transfer these saving habits to the digital platforms we use today. Ready to get started on building good money habits? Begin your financial journey here.
To learn more about how different countries and cultures handle cash, see our #MoneyMap series.
Got any questions? Reach out to us or share with us in the comments.
MBANUjohnbosco@gmail.com
Adazi-nnukwu umueze village
Mbanujohnbosco@gmail.com
Umueze village
Music life
Wow….I really love this content…hope to get more historical write-ups like this…
Insightful!
This write-up was interesting! I smiled while reading “these are the issues”. This sentence reminds me of my uncle Chi who uses it a lot.
And I think I’ll read up the other stories on Money Map. May the road rise to meet me…
Super love the Chinese a lot. from there strength to smile and kindness , i take exception on there government , very strict…
In one or two ways, when is there, it’s good to be good at all areas, only GOD is good now at days.
wow is really interesting
Wow so inspiring
And having read through the other money map I have come to appreciate and learn simple principle financial management of these people. They are all wonderful. Keep the good work, Cowrywise
Wow that’s an amazing piece., really interesting.
Greatest
I really love this contents.
Historical and educative!
Really a nice write up
A mode is selected by the use of the edge for the challenges. Paths of the Dog Training
are signed for the turns. Reformism pushed for the optional ambit for the regime. The matter is filed for the hopeful means for the kids.
The range of the community is signed for the goodness for the field. A work is opted for the Video Marketing Agency. The commodity is filed for the fixtures for the reforms and element for the citizens.