It’s already November. I am still amazed by 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.
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 – This is the one that my son has. It has four compartments – Save, Spend, Donate, and Invest – and kids decide where their money goes. Blue, Pink, Red, or Green colors available. Plastic. Price: $19.99 + shipping and handling.
Money Savvy Cow – The cow is made by the same folks who developed the Pig. It also has four compartments – Save, Spend, Donate, and Invest – and kids decide where their money goes. Clear see-thru plastic with black spots. Plastic. Price: $24.99 + shipping and handling.
LearningCents Bank – This larger bank has plenty of opportunities 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 – Spend, Save, and Give. Pink or blue colors available. Plastic. Price: $29.95 + shipping & handling.
Moonjar Classic Moneybox – This hexagon-shaped bank has three compartments – Save, Spend, and Share. It even comes with a little passbook to track the money deposited into each compartment. Tin with acrylic lids. Price: $19.49 + 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 percent each to charity, investing, and saving and 70 percent for everyday expenses. Ceramic. Price: $24.95 + 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. TheMint.org has some suggestions on how to make these banks for very little cost using things around your home. It also offers suggestions on how to talk to your child about spending, saving, donating, and investing.