Teaching your little ones about saving money can be tricky. DealDash is here to help.
Teaching your kids about handling money responsibly is very important. With younger children, they may need visual examples to understand the basics of saving money. This is why it would be a great idea to help them start saving money in a piggy bank. Read on, for more information from DealDash.
See How Much!
There are several advantages to teaching younger kids to save money in a piggy bank. Namely, they will be able to literally see the amount of money that you have saved together grow right before their eyes. That way they can see that with some patience a nice amount of money can be saved. Growing money in a bank account is too abstract for most small children. Seeing those coins and bills pile up in their piggy bank is much more satisfying for them.
They’re the Boss
Another advantage to saving money with your younger child in a piggy bank is that they can learn the responsibility of being in charge of handling money. You can put the piggy bank in their room or a central location in your home and put your child in charge of putting money in the piggy bank. Small kids often feel like they don’t have many chances to be “in charge” of things in their life. Giving them the chance to be in charge of their own piggy bank will instill responsibility and pride.
The Value of Saving Up
You will also teach your child how important it is to save money when you want to make a large purchase. Maybe your child wants a new and more expensive toy than you are willing to buy. Or perhaps they would like to see a movie or go on a day trip somewhere fun? Talk with them about this and make a plan to set a goal to save for a purchase or event. Once they have completed saving and get to buy the item that they want they will see how it pays off to have savings.
Keep an Eye on the Bank
The only real downside to saving money in a piggy bank is that your child might be tempted to take money out to get something small that they want. You need to show them that this would be OK but they need to come to you and talk about what it is that they want. They should not just take money out of the piggy bank without asking. Again, it is a good lesson in the responsibility of handling money.
Thanks for Reading
Piggy banks can be a great teaching tool to help younger kids learn the benefits of saving money. So if you feel like your child is old enough to start learning this important lesson, you just may want to help them pick out a piggy bank the next time you’re out.
Thanks for reading the newest DealDash article on helping kids learn about money. Be sure to come back every day for new articles on this blog as well as on our sister blog, DealDash Tips. If you have any requests for specific articles, please write a comment down below.
This sponsored DealDash blog article was written by Dawn E, a mother of 3 who loves DealDash. Dawn was compensated for writing this article. Read even more at DealDashBlog.com, DealDashTips.com, or on her own blog, DawnBlogtopus.