Piggy Banks go from Ceramics to Virtual

At what age should parents start teaching their children about money and savings? Is there a particular age to start, Probably NO. You would want to introduce your kids to finances as soon as they can count. A child’s brain is like a sponge it absorbs and accumulates a lot of Information and they usually learn by watching their parents. Leverage this and teach your kids at the earliest.

The first exposure most kids get while learning about money management and finances is the concept of using piggy banks. Earlier piggy banks were mostly jars made of clay which ideally should be broken to remove the money saved but with time and technology, piggy banks are no more only a saving jar, it has now transformed into a concept of giving, investing, saving and spending wisely at the same time.

With this shift in concept most modern day piggy banks commonly known as “The Money Savvy Piggy Bank” are designed utilizing a transparent shell with four compartments labeled “Invest”, “Donate”, “Spend” and “Save”, giving children an easy, visual way to budget the money they set aside. These piggy banks are made of ceramic, glass, steel or precious metals. To add to the variety already available piggy banks also come with added features of having an electronic and mechanical component to it.These include electronic registers which automatically tabulate how much money is being put in, and even track how much money is removed. Others have automatic money-rolling systems included, so that as change is deposited, it is placed in bank rolls to be traded in for paper money at a bank.

All this sounds pretty cool and fun but what’s new and has caught my attention is an addition to this list. Moving a step ahead and still retaining the concept is the new trend of having a Virtual Piggy bank. These websites and apps for the iOS and Androids lets parents set spending limits and saving goals for children while also using brand partnerships to give children a chance to buy products without needing to get their parents’ credit card. I would like to share with you’ll a site that lists out websites that can be used as virtual piggy banks Google. This is an interesting way parents could use technology to their benefit.

Teaching your child money management skills could be one of the most rewarding investments you will ever make. I am eager to hear your take on traditional Versus Virtual piggy banks. Go ahead and share your views with me.