/ / / Lessons with the Piggy Bank {Teaching My Child About Money!}

Lessons with the Piggy Bank {Teaching My Child About Money!}

This post contains editorial samples and/or affiliate links to products I recommend. While this adds no additional cost to you, I will earn a small commission on any sales made.

 

My husband and I believe being wise with one’s finances begins at an early age.

If a child puts into practice the principles taught, his financial foundation in the future will be strong.

Lessons with the Piggy Bank- Teaching my child about money MommySnippets.com (2)

Lessons with the Piggy Bank {Teaching My Child About Money!}

Every Saturday my children are given 3 dollars. {Now you may say that’s not a lot each week but right now we’re focusing on the principles of saving, giving and spending, so bear with me on this!}

The 3 dollars the kids receive each week is never given to them as compensation for doing chores around the house. The chores they do are their way of helping out in our family. This is what we, as parents, like to call their allowance learning funds.

3 dollars, upon receipt, is divided this way

  • 1 dollar is set aside as a tithe/offertory to put into the church collection bag on Sunday.
It’s important for our kids to learn to give to God first and not as a second option or after thought. (Malachi 3:10)
  • Another dollar is put into Piggy Bank #1

Piggy Bank 1 holds their Big Savings money. (Each child has their own set of piggy banks) This is the money they’re required to keeps aside for whenever they would like to get something big, like a bicycle. When the Piggy Bank fills up,we’ve asked them to count the money and put it in a plastic seal-tight bag. This will then be taken to the bank and put into their own bank accounts. This is money that cannot be dipped into unless absolutely necessary.

  • The last dollar is put into Piggy Bank 2. 

Piggy Bank 2 holds their small savings money. When the Piggy Bank fills up, they’ve been asked to count the money and can choose to buy whatever they want within the budget they have in hand. (Just this past month, my 5 year old asked if he could buy a Captain America t-shirt for Super Hero day for school from the same.) Even though it is tempting at times to allow them to overspend to get a book one of them really loves or toy, we hold back as this teaches both of them the importance of learning to spend within what is available. (And learning to take into consideration taxes that need to be paid)..money piggy bank

As parents, it’s our responsibility to equip our kids to face life head on with practicality and wisdom..
.
This is one lesson that you won’t regret teaching ever especially since we live in a society that commonly dumbs down spending within ones means.
.

Have you begun teaching your child about money?