Learning about money and financial literacy is more important than before as the words like loan, overdraft and mortgages have become as common as savings, bank balance and assets. And when it comes to savings, it’s never too early to start so why not start when the kids are small.
We as parents don’t need to look out for ways to teach our kids about money and savings, our everyday routine life offers us many such opportunities. Just a little bit of your time and effort is enough.
A piggy bank encourages your kids to save as it’s a physical place for them to store their money. Unlive a bank account, which can be a little complex for small kids, piggy bank is tangible with ready fund for your child and the entire experience of saving and later counting the money can be very exhilarating for your little one.
Adding money into the piggy bank by your kids should be a regular habit specially when your child starts getting an allowance. With this habit, you can teach your kids some important lessons like;
- Teach them to save: When you give pocket money to your child, ask them to save a certain percentage of it for the toy or gadget that they have been bugging you for endlessly. Every coin or a note added into the piggy bank will bring more joy to your child and motivate them to save more.
- Teach them the math skills: If your kids are small, teach them the name of the coins and notes and how to add them up while for the older kids, teach them about percentage and interest rates and how they can get more returns if they save more.
- Set a goal: You can ask your child what he or she wants, in the near future or even when they grow up. Tell them the value of that thing and motivate them to save for it. So if your child wants to buy a car when he/she grows up, make them save from a young age with a goal in their mind.
- Value of Money: Its easy to ask for something but its equally tough to remove that money and pay for it. So next time when your child makes a demand for a toy, ask them to pay with their own money so if they fear that they are losing money from their piggy bank, they will not demand it again.
Piggy bank is the first step towards savings and learning all about money for kids. They need to understand the value of money and its importance as its undeniable that money does play a very important role in ones life.
So now that we all know that piggy bank can play a very important role in your child’s life, do get them one as its the road map to their bright future.
Also do read the blog written by one of my blogger friend Sakshi which talks about financial awareness for children here .
36 replies on “4 Reasons why your child should have a piggy bank”
Piggy Bank is a wonderful way to teach kids about money matters. I have my experience with my daughter. When they experience money coming in and going out of their hands, it is easy for them to understand the cashflow.
I too believe that children should be made aware of money matters and its importance from a young age, a piggy bank is the first step to that , it inculcates the habit of saving.
Early Introduction of concepts related to money should be Introduced. A simple way to do this is by way of pretend play and one can get a clear idea of how much the child is understanding
Yes completely agree money matters are important part of life and as a parent, it is our responsibility to taught our kids about it. Piggy bank is great and interesting way to make our kids learn about saving and money management.
Piggy Bank is one of the best way to teach our kids all the above points you mentioned… The best one is valuing the money & teaching them the savings .. One of the best post for we parents definitely going to share this with my sister…
Teaching about money is very important in early age. Both my kids have seperate piggy banks and they keep flashing it and showing off.
It is very important that children understand the concept of saving at an early age . And for the to start, piggy bank is a must. We started talking to our son about Money when he was 4yo!
Using a piggy bank was a habit that I taught my daughter when she was one. Her finding small things amf mouthing them was something that freaked me out and getting a piggy bank made her excited to drop every tiny thing she found in it. Later it become a habit to collect money for a year and blI used to buy gifts from that on Children’s day.
Piggy bank teaches kids the importance of saving if this habit is inculcated in their early age they will definitely understand the the value of money. It is also a feeling of pride for them.
I didnt realise having a piggie bank could have so many side benefits, in helping the child build a sense of authority. I always had a piggie bank as a child, never got one for my kids though
Thanks for such a lovely blog, this is good to inculcate saving habits in kids
Totally agree on your points. I believe financial literacy from a young age is very important and plays a defining role in helping kids become financially responsible adults. I also wrote a blog on those lines and happy to share the same here. https://tripleamommy.com/2020/04/07/raisingcapablechildren-f-is-for-financially-aware/
My little one has a piggy bank since she was a year old. This one habit of small savings was taught to us back in our childhood days using those “mitti ke gullakk”. Teaching kids about money and its value since young age is really important.
I am totally with ypu on this Hansa. My girls have a piggy bank even before they started talking. It’s become a part of our life ever since. I love how they learnt about the value of money and also learnt how they could make the right choice while spending the same.
I also echo your thoughts. I feel kids learn a lot about money through the simple piggy bank. A sense of ownership, a sense of worthiness, independence and money management stems from a piggy bank. Excellent post Hansa.
I so agree with topic of the post itself to begin with as I have seen my kid benefitting out of this small activity just as you described in fact he counts and keeps money very safe.
Oh yes my older one has a money bank so the younger one is also saving money because he wants some chinchinc in his box too. Hehe.
I still have my piggy bank habit as it helps to value money and save it for emergencies. My nephew also saves his money in little piggy bank
Totally agree that kids to be taught the habit of money saving right from the beginning. This does help them to understand the value of money
I believe and follow installing good habits from the very early in kids like the value of money. I remember when my daughter was five years I started taking her on the grocery stores and supermarkets only to explain how the money and commodities system works. Piggy bank and savings are the best example to tell the kids how to deal with money.
Very valid post buddy and most honestly I can’t agree more with you on this
What a blog and what a concept to be discussed and to be taught to our kids.
Saving is one thing that not only kids but adult should also learn 🙂
I guess I am a millennial with perks because even I had piggy bank too and I used to save a lot. It’s one of the most effective ways for parents to teach their children the value of saving money rather than spending it. More importantly, the piggy bank is also a good reminder for parents and young adults who may have forgotten the importance of saving.
It is very important to show importance of money to kinds and charity begins at home so does saving. We should teach savings to kids at very early age.
This was nostalgic , me as a child was thought about saving money , and can be useful to by toys for myself . And the same habits I still follow now but in Banks , lol . I’ll be follow this with my kids and share this in my family group .
I Have given my daughter piggy Bank so that she can understand value of the money and piggy Bank really help them to save money
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One of the best and effective way for parents to teach their children the really value of saving money. Piggy bank really help kids to save money. Thanks for sharing this blog
Piggy banks are really amazing… I feel every child should have one.. It really teaches us the value of money!
Piggy bank is an excellent way to teach kids money. Although it totally slipped out of my mind that my kid needs it. Thanks for reminding.
You’re absolutely spot on, Hansa. As parents, we need to teach our children early on the value of saving and spending wisely. What better way to start than to get them a piggy bank! When I was young, I used to save coins whatever lil I had in a piggy bank made from clay.
There should be financial literacy from the childhood is very important and also kids learn how to become financially responsible adults. Great thoughts.
I agree dear, it’s definitely a must to teach our kids the importance of savings. You explained really well
Saving money is a challenge for every family. This absolutely encourages kids to learn to SAVE MONEY in a fun way !
Saving money is a challenge for every family. It’s one of the most effective ways for parents to teach their children the value of saving money.