It’s already November. I am still amazed how quickly summer whizzed by and how quickly fall is coming to an end. Christmas is just around the corner (yikes!). Last night my husband and I were talking about what we should get our son for Christmas. He has told us a gazillion things he wants, but of course I’m on the lookout for ones that can be fun and teach him a little bit about personal finance and money management.
He already has a piggy bank designed to do that, so I need to find something else for this holiday season. I know some of you thought his piggy bank was pretty neat so I went searching for “piggy” banks that are similar in nature. Here are the ones I found, from least expensive to most expensive. Note: Prices are of time of publication – please check to see if the price has changed.
My Giving Bank – This bank has three compartments – Save, Spend and Give (centered towards tithing). The compartments are three buildings: Bank, Store and Church. Blue transparent plastic.
Money Savvy Pig – Blue – This is the one that my son has. It has four compartments – Save, Spend, Invest and Donate and kids decide where their money goes. Blue, Pink, Red or Green colors available. Plastic.
Money Savvy Cow – The cow is made by the same folks who developed the Pig. It also has four compartments – Save, Spend, Invest and Donate and kids decide where their money goes. Clear see-thru plastic with black spots. Plastic.
LearningCents Bank – This larger bank has plenty of opportunity to personalize with stickers and the lids have a dry erase surface for keeping track of the amounts in each compartment. There are three compartments – Save, Spend and Give (or you can get one with Tzedakah instead of Give). Pink or blue colors available. Plastic. Price: $21.99 + shipping & handling. Note: This one is out of stock at the moment
Moonjar Classic Moneybox – This hexagon-shaped bank has three compartments – Save, Spend and Donate. It even comes with a little passbook to track the money deposited into each compartment. Tin with acrylic lids. Price: $24.95 + shipping & handling.
Money Momma Piggy Bank – This piggy bank works to teach kids money management by applying the 10/10/10/70 concept to their money. Every dollar is split: 10% to charity, 10% to investing, 10% to saving and 70% for everyday expenses. Ceramic. Price: $29.95 + shipping & handling.
Now, you don’t have to go out and buy one of the above to help teach your child about money management. With a little bit of time and creativity, you and your child can make banks in the compartment-style spirit. Here are some more kid banks that teach about money and TheMint.org has some suggestions on how to make these banks for very little cost using things around your home. They also offer suggestions on how to talk to your child about spending, saving, donating and investing.