One of the most effective way for parents to teach children value of money and saving money is piggy bank. Rather than spending all the money that children get from parents, grandparents, allowances, birthday cash, gift from uncle and aunts’ parents should help children how to save money and piggy bank is a start. Gift your child piggy bank today for these reasons-,
- Disciplinary about money: Adding changes every now and then in the piggy bank is an effective way to teach young kids about importance of saving. It might not be a big amount, but every coin and small amount they add helps to get a bigger amount. They will save up money for something to buy – a good book, video game, smart phone, a dress, instrument – it tells them how every penny they save has value. In fact, before asking you for something they want, they will think twice about the price and you spending money on it!
- Penny saved is a penny earned: With piggy bank children will be able to watch the money grow and they will look forward to saving the money. It helps them to stop unnecessary spending as they grow and will be cautious about spending money on unwanted items and junk collection. As Benjamin Franklin said, “a penny saved is a penny earned” and helps throughout their life.
- Put aside 10%: Whatever allowance children get, they should be taught putting aside 10% to save and should go in piggy bank. This will teach children about finance, numbers and taxes that they must pay in future. Children will learn that the best time to save money is when they have it.
- No debt: In addition to saving, children learn to be debt free which is necessary for a good future. When they go to college or start living independently money that they saved comes in handy when they need it. They learn to live debt free without seeking or borrowing money from others.
- Encourages kids to make money: Every time when child sees the piggy bank on the table, they will feel like filling it up with coins. This encourages them to be a little entrepreneur! They might want to open a lemonade stand, help in chores, do community work, clean house, baking cookies, become a paper boy or do babysitting – and it will give them idea how to make money and will show interest in finance.
It is also a great way to teach children why parents work hard to save money. For all these good reasons, get a piggy bank for your child today and help them to understand the value of money and your hard work. It ensures your child a wealthy and healthy life. Why wait? Present your child a piggy bank today!
Author: Sumana Rao | Posted on: April 11, 2019