One of the most important skills that they don't teach children at schools is how to manage money wisely. When I was a child myself, my mother gave me a piggy bank and asked me to put in a portion of my pocket money once in a while. This was my first lesson on how to save money. Now I still have a piggy bank in the house, but only for decorative purpose.
What do you think? Would you buy a piggy bank for your child?
My daughter has a piggy bank, which I put loose change into. She doesn't get pocket money yet (she's four) but I plan on starting that at some point. It's not a ceramic one because of her age, it's metal.
She was given a plaster money box when she was quite little and it got smashed to smithereens.
My daughter also has a bank account, and I plan on teaching her to put some of her pocket money in that.
Both my kids have a money box, and we use it to teach them about saving their money for different things; so hopefully they will start to learn about the value of money. With my three year old, we give him simple chores and he might earn some coins for completing them. Every month or so we count how many coins he has together and then we put his money in a wallet for him and he can then buy something he wants. We're trying to show him that he can't have everything he sees and wants in the shops or on TV but if he saves up he can get treats etc. obviously we buy him toys and the like throughout the year, but we're trying to use his money box to demonstrate the value of money. He also understands that the reason we go to work is to earn coins and that mummy and daddy save these for things like holidays and meals out.
I always had a piggy bank. I actually find it odd that I child would not have a piggy bank, but I suppose with technology and advances, things are different now than they were then. Children should definitely have piggy banks in my opinion. Not only does it help them keep track of their savings, but I think it is a fun way of doing so.
My daughter has always had a piggy bank and I have gone to great lengths to tech her how to use her money wisely. How to save and do budgets.
The most important this is not to live above you means.
Save for stuff you want and ask you sell 'Do i really need this?'
We spend so much money and go into debt to buy crap we do not need to try and fill the emptiness of our lives. It's very sad.
yes, its an excellent way to teach children to save and not be impulsive with spending. At some point its also worth migrating to a bank account. I remember at primary school the mobile bank used to visit the school and we were able to set up a bank account and deposit 50c ever now and again. Hi finances in those days. But was a great foundation for instilling ideas of saving for the longer term. I now have adopted children of my own and because of their life experience the idea of saving for the long term is less natural or understood so I try even more with them to gently get them to trust the notion of saving, the piggy bank is always a good way to start.
I got my son a piggy bank with four slots: one for saving, one for spending, one for investing, and one for charity. I also set him up with a bank savings account when he was in about first grade. We also set up a stock trading IRA account for him that he was involved with the suggesting, researching, and making of investment decisions. My son is very responsible with money.