I have a six year old and a seven year old with completely different money spending habits. One is a saver and one is a spender and neither one seems to have any balance in between. Teaching kids about money is a hard concept!
One tool I’m currently using is a piggy bank that teaches kids to be responsible with money!
This piggy bank covers the four areas of money I want to impart to my children: saving, spending, donating and investing.
Each slot has an individual storage bank with dividers and its own opening in the feet so that they can only remove the specified section. The twist dials on the bottom are a little flimsy but hopefully he won’t be accessing them much!
The bank comes with a set of stickers that are really cute and there is a place above each word on the bank where they can place it. For example if they are saving for a bike they can put the sticker with a picture of a bike there as a nice little visual reminder to help them reach their goal.
For donating we tidthe ten percent to our church and so I put a sticker with a picture of a church on that one.
We have never really talked about investing before so this was a good opportunity to discuss it with my son and his eyes got huge when I explained to him that he could make money by investing his money! It really started an interesting conversation so it was a definite teaching moment. I started a college fund for him when he was born so I showed him how much was in it and that I did long term cd’s each time I hit another $1000 to earn more interest. He was way more intrigued by this than I thought so I have high hopes he’ll be making some wise decisions.
My two year old saw this bank and thought it was a fun looking toy so he liked shaking it and listening to the coins. He also just learned the word “mine” so he has claimed it as his own! It looks like I’ll need to invest in another one!
Money is so important to teach kids about at a young age so that they can start putting good practices into use on a small scale to avoid costly mistakes on a large scale later in life. This piggy bank definitely helps them get started out on the right foot! You can enter to win one below!
Meet the piggy bank for the 21st Century – the Money Savvy Pig. This unique bank helps teach kids the basic money choices: SAVE, SPEND, DONATE and INVEST. Kids can set goals for each money choice, put money into each of the 4 separate slots/tummies and watch their money grow in each money choice chamber/”tummy”. When they are ready, they can easily empty each individual chamber through a unique foot on the bottom of the bank. Each bank includes eye stickers, goal-setting stickers and a guide on how to get started. Available in translucent blue, green, pink and purple. For more styles of our patented banks, visit www.msgen.com.
Enter to Win a Money Savvy Pig Below!
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