A piggy bank is a vessel, often in the shape of a pig, with a hole at the top for preserving coins. Anyone can use a piggy bank, but kids use it often. Modifications of piggy banks, such as the letter piggy bank, have sprouted in the market to attract kids through different shapes. Buying a piggy bank for your child makes them understand money’s value at a young age. It will teach them the art of saving money and benefit their future as adults.
Importance of a Piggy Bank to your kids
1. Teaches Them Goal Saving
A piggy bank will help them learn the art of goal saving. Goal saving is saving intending to use the money for a particular thing. Children can be taught how to goal save by making them save for the doll or bicycle they want. The former will motivate the children to save money to buy more things. Goal saving will teach the children that money adds up, enabling them to understand that conservation is not just theoretical but practical.
2. It helps to keep small change
As we carry out our day-to-day activities, we often find ourselves pocketing tonnes of coins that we often lose to the car seat or couch. Kids then pick up this change and decide they own it but do not know what to do with it. Teaching them to put the loose change in the piggy bank will instill discipline into their saving habits when they are older. Rewarding our kids with minor changes when they finish assigned tasks but not teaching them the art of saving money is absurd. Keeping small changes will teach the kids the significance of saving money while they are young.
3. Serves As a Role Model
Children often learn from adults’ habits. From when they are young, they watch how you do things, and you will constantly find them doing things precisely as you do them. Parents should use this to their advantage and practice good habits to project to their children. When your child sees that you put your loose coins into a piggy bank, they will want to do the same to pick their curiosity. Buy your child a piggy bank they can embellish; make it fun and exciting. Buy them a piggy bank with a creative design, such as the letter piggy bank, to get them excited by the unique shape and encourage them.
4. Instills Saving Values
According to financial education, 20% of your money should enter a savings account monthly. A piggy bank is a minor way of keeping that can kick start your large-scale saving when you earn considerable money. Teaching children the art of saving when they only have access to coins will enable them to acquire the discipline they need to save money when they are older and employed. What next after the piggy bank is full? Teach your children they can invest the money and earn more, open a savings account with a local bank, donate a portion of the money to help the needy, and reward themselves for work well done.
Saving is an essential factor in an individual’s financial journey. Buying your child a piggy bank will teach them the art of saving, help them keep the small change, teach them goal saving, and help you serve as an excellent example to your child. Buy your child a piggy bank today and change their financial situation at you.