Introducing your child to the concept of saving money rather than spending it can be a daunting task. After all, this is something that many adults struggle with so it’s not surprising that your little one may be…resistant to the idea at first. Saving money really comes down to learning the difference between instant gratification and delayed gratification and that concept can often be difficult to grasp.
In the late 1960s a professor at Stanford University performed an experiment in delayed vs. instant gratification. Several children were given a marshmallow and then left alone for 15 minutes. They were told that they could eat the treat but if they waited until after the professor came back then they would be rewarded with two marshmallows instead. Studies that followed revealed that the children who delayed eating their marshmallow tended to have better body weight, higher test scores, more educational achievements, and just a better overall life outcome.
A piggy bank may seem like a superfluous purchase for a toddler but it’s these kinds of delayed gratification tactics that can help set our children up for success in the future. By creating an entertaining and enjoyable way for them to choose to save their money rather than spend it, you are giving them the cognitive and emotional tools to help make long-term and well-thought-out decisions.
We have gathered the Top 10 Piggy Banks from across the internet and collected them here to aid in your search for the best bank. Some encourage saving by separating the money into different compartments. Others use lights, sounds, or cute designs to make it fun for your little one to put their coins inside. We hope that one of these banks will aid in your search for the perfect way to set your child up for success.
Our Picks Of The Top Piggy Banks for Kids
Criteria Used in Evaluation of the Best Piggy Banks for Kids
Piggy banks are a great tool to teach children the importance of saving their money, and it can give kids an early start in financial responsibility, money management, and financial education. In today’s app-focused and high-tech world, piggy banks might seem useless for today’s modern children, but nothing could be further from the truth. Plenty of today’s piggy banks are very modernized with interactive features, and some have internet/app accessibility. However, most parents choose piggy banks for their ease of use and simplicity as piggy bank’s give a fun experience with money that is not overwhelming or boring.
Teaching a child an early lesson in finances isn’t the only reason why you should choose piggy banks. Piggy banks can be a great decor item for any nursery or child’s bedroom or even as desktop/table/shelf decor for adults. They are also great options for gifts and piggy banks are a popular gift option for baby showers and the 1st birthday of newborns. Besides, piggy banks can be a great way to organize all those various coins that you might not regularly use in this world of credit cards and tap n’ go payment systems, but you might occasionally need, just in case.
Regardless of your reasons for choosing to purchase a piggy bank, we have listed in the following paragraphs the various criteria we decided in choosing piggy banks. In our selection, we find six common criteria themes that stood out for their frequency within manufacturer construction/design and popular consumer desires.
Piggy banks need to be easy to use, especially for little hands. The piggy bank should have a simple slot to insert the coins/money and a pure rubber stopper that is easily removable. For piggy banks that are electronic and interactive, there should be labeling and easy to follow directions for using the piggy bank.
Some children are okay with regular piggy banks that look like a pig and are painted in primary colors such as white, blue or pink. Other children who value uniqueness and individuality might desire piggy banks that have different kinds of graphics, prints, and designs and bright, loud, vibrant colors that stand out. Electronic or specialized piggy banks are usually unique as well.
Modern piggy banks are now being constructed for earth friendliness and impeccable quality. For kids, it’s best to choose piggy banks that are built with exceptionally durable and robust materials that will not only last a long time but will also not easily break if it drops or falls. Another criteria to consider is if the piggy banks are Earth-friendly; constructed with materials that are toxic-free and biodegradable (especially plastics).
The purpose of a piggy bank is to save money, and every piggy bank does just that. However, some piggy banks have a specialized focus on financial education. Piggy banks that come with educational features or features that encourage the development of abilities can be one of the best tools for a child’s growth.
Kids have fun, and no kid likes a boring financial textbook. Piggy banks that entertained children with bright and vivid colors, unique designs and graphics or have interactive features are one the best ways to get and keep a child interested in piggy banks and savings. Of course, the piggy banks couldn’t be too entertaining to make sure overwhelming does not happen.
How We Can Teach Our Kids to Value Money
For some of us, we may not been fortunate enough to be taught by our respective parents how to save money for the rainy days. Perhaps because we grew up in an environment where everything is already provided for by our family that we simply cannot appreciate the value of working for money. For some of us, maybe the money lessons just didn’t sink in. We may have been given our coin banks when we were kids yet we didn’t get the correct instructions as to why we need to save. Let us not make the same mistake with our kids. We can actually help our children learn the value of money regardless of their age so they will be more responsible in handling their finances in the future. Here are some tips we can share with you on how we can teach our kids about money.
- Organize his or her coin bank.
For those of us who are using the envelope budgeting system, we can actually use the same principle to teach our kids on how to save. Technically, what you will have is several piggy banks, you can get several of a kind or even completely different products from our list, and then put a sticker or any label on each of these coin depositories. Now ask your child what he or she wants to buy with his or her money. For every item that he or she wants to purchase or avail of, use one specific coin depository. For instance, if your son is aching to have his latest set of Nerf blasters or your girl wants her new Barbie set, then you can allot a container for this. Likewise, if your kid wants to go on Disneyland holiday, then you also have to allot a container for that.
- Develop a chart that indicates your kid’s savings goals.
It’s always a lot better if you have a visual way of knowing if you are already hitting the target. As such, you can help you child create a savings goals chart or something to that effect. You can be as creative as you want. The idea is to provide motivation to your child as he or she is inching closer towards his or her goal. For instance, you can try to figure out how much the item your kid wants to buy costs. Now try to determine how many days or how many weeks he or she must save a certain amount to achieve the goal. Depending on your agreement, you can place any marker or even stickers on your kid’s weekly savings goals.
- Consider positive reinforcement for your child’s behavior.
Try giving a small reward to your child every time he or she is able to save his or her money. It doesn’t really have to be big and extravagant otherwise, we lose the idea of saving. A chocolate sundae treat or maybe even stickers or a 30-minute extension on his or her favorite video games might help.
- Be a good role model.
It’s quite difficult to teach kids something if they don’t see their parents doing it. So, if we are teaching them how to save and value money, then we must be able to show them how. We can also have our very own piggy banks if you must.
- A penny for your kid’s penny.
To really entice your kid to save, why not match his or her savings? So, if he is able to save $2 per week, we can add $2 to his or her savings. Some kids are motivated to save more because the matching amount simply means higher as well.
- Get them a kiddie bank account.
When your child is old enough, you might want to consider getting him or her a high-yielding kiddie savings account. This is especially true if they have already learned in school about interests, especially compounded interest.
- Help your kid make priorities.
This is a very important aspect of money management: prioritization. Our children must learn how to prioritize his or her needs from his or her wants. You can ask your child to create a list of the things he or she wants in life. These must be both short- and long- term goals so that he or she will know how to prioritize. Once these have been prioritized, you can then ask your child to save a certain amount towards the achievement of each goal. This is the basics of financial planning.
- It’s okay to make mistakes.
If your kid, because of extra money, suddenly splurges on things he or she clearly doesn’t need, he or she will realize it soon enough that it would have been better to stick to his or her savings goals. It’s okay for kids to make mistakes. At least, it’s a learning experience for them.
- Play money games.
There are quite a number of board games and other play activities that you can use to teach your kid simple concepts on money management. The Game of Life and Monopoly are excellent games where you can teach your kid how to manage his or her finances well. Other excellent options are Rich Dad Cashflow for Kids and Rich Kid Smart Kid.
The Bottom Line
Teaching our kids to value money is an integral part of effective parenting. While we are not saying that our 10 best piggy banks for kids will make them financial wizards, since you still will have to lead them in the right direction, these are instruments you can use to instill basic concepts about saving money.
Frequently Asked Questions
Q: Why should I purchase a piggy bank for my child?
A: To help teach your child about financial responsibility and money management (particularly saving) and help encourage your child to take control of their financial future and possibly earn more money.
For a child under the age of three, an interactive and educational focused piggy bank toy will be a better piggy bank option instead of a real piggy bank that uses real money.
Q: What can a piggy bank teach my child about money?
A: It can teach your child about responsible savings, smarter spending, and generous sharing.
Q: What are the different types of piggy banks?
A: The most common piggy bank is the traditional ceramic piggy bank that is designed in the image of a pig. The other types of piggy banks are electronic savings boxes, novelty piggy banks, interactive high-tech piggy banks, educational piggy banks and famous character piggy banks.
Most parents choose traditional ceramic piggy banks and educational piggy banks.
Q: What sizes are most piggy banks?
A: Depending on what kind of piggy bank a parent chooses, the sizes can vary from small-medium to large. Small-medium is very common for the novelty piggy and character piggy banks and large is very common for traditional piggy banks with other kinds of piggy banks falling somewhere in between.
Q: What materials are piggy banks constructed with?
A: Traditional piggy banks are constructed with ceramic and usually come with a glaze overlay. Other piggy banks are typically built with solid plastics. As piggy banks become more modernized, a rise in Earth-friendly, toxic-free piggy banks is developing.
Q: How do you get the money out of piggy banks?
A: Virtually all piggy banks come with a removable stopper in the underside/bottom or the rear of the piggy bank. The stopper is usually rubber, and the plastic piggy banks will have a plastic stopper that has to be turned open.
Ceramic piggy banks that have to be broken still exist but were not chosen for this product list due to possible safety dangers.
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