Money banks are the epitome of savings and have become an integral part of the parents that have children. A little effort from the parents can teach and enable the kids to value money, helping them practice smart money management. Money banks are usually represented in a pig's form, but different types of money banks are available for the children. This is a buying guide for the parents who are willing to provide money allowances to their kids and educate them on the fundamentals of saving money using money banks.
Set Monetary Goals
Provide the children with money allowances and ask them to save 10 to 20 percent of the money. This allows the children to plan their expenses extensively and helps the parents gauge their children's financial capabilities. Ask them to save this money inside a money bank.
The traditional money bank types
When it comes to buying money banks, there is a wide range of selection to choose from and decide. There's the traditional kind of money banks- Piggy banks. Piggy banks are a pig-shaped container with a small hole to put coins and notes. These money banks are built with hard and durable materials like ceramic or hard plastic so that it does not break easily. There's also a traditional animal stealing money bank where one puts a coin on the surface, and an animal slides it inside the box.
Modern money banks
Modern money banks of newer times come with superior features. These money banks come in an electronic coin box with password enabled lock cases. These are high quality with safe simulation designs that come with four-digit passwords. If one mistypes a password, it will be issued. Resetting passwords is also easy if one forgets it.
Make the budgeting experience enjoyable.
As a parent, it is crucial to encourage the children to budget the allowances given to them. They must be helped across all categories like food, books, travels, movies, shopping, and so on. The experience needs to be enjoyable if the parents want their children to move forward with saving money as an essential aspect of their lives.
Categories Simillar to Kids' Money Banks includes Fidget Toys, Flying Toys and Nesting Dolls