Comments on: Teach Kids Good Financial Habits with a Piggy Bank

By: Baby Samples Mom

Baby Samples Mom — Tue, 08 Feb 2011 04:39:32 +0000

I’ve found that letting my child use their piggy bank as a “real” bank has been an incredibly valuable way to teach them about money management.

For instance, we’ll ‘borrow’ small amounts of money at a time…50 cents here, 2 bucks here, etc. Then we help them figure out our “interest” (pick an easy round number here – 10% works well for both of our brains!).

This has been an extremely effective way to teach them 1) The value of saving and the power of letting your money work for you…and 2) My little girl can do better arithmetic than her daddy!

By: Aury (Thunderdrake)

Aury (Thunderdrake) — Tue, 25 May 2010 02:24:24 +0000

I have a small little gimmick that I’m setting up for my nephew at the moment. It’s called the ‘help a whelp foundation.’ In person, I work on having him saving his change. But I also try to get my brother/his father to encourage that, given his more common presence. I’m also driven by my rather big lack of faith in currency at the moment, but I’m also driven by getting my family to start their own investment portfolios as well. The goal is to get them invested into a good portfolio consisting of blue chips and silver. As they get older, I’ll be introducing them to penny stocks as well.

It’ll be fun. >;3

By: Jaime @ Eventual Millionaire

Jaime @ Eventual Millionaire — Sun, 18 Apr 2010 02:47:07 +0000

It’s funny because I just wrote a post on my blog about this too. I have a three year old little boy (and a 10 month old girl, but she doesn’t do this yet!). We have three separate piggy banks.

One is for saving, one is for spending, and one is for giving. At first we tried letting him choose how much to put in each one, but he’s still getting all the names of the coins right, so we help out.

It has been an excellent experience, he is starting to understand why saving is a good thing. He told me the other day that he wants to save up to buy a spaceship.

I asked if it would be one he could play with his action figures, and he said, “No momma, a REAL one. I’m an astronaut. It has to be REAL.” I guess it’s good that he starts saving now!
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By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Fri, 16 Apr 2010 13:39:23 +0000

A piggy bank seems so novel in the cyber age! But kids usually need something tangible to grasp the concept, and a piggy bank does that so much better than a bank account.

We kind of dropped the ball on this with our kids because the piggy banks they had were so much like toys that that’s what they were used for! So if I could add my two cents, make sure the piggy bank is a piggy bank and not something fancy that provides multiple uses! Kids are pretty stinking creative!

What we’re finding to work now–believe it or not–is wallets. By middle school, they liked to carry wallets, and of course wallets look and “feel” better with money in them. That’s gotten them back on the saving money track.
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