From a cent to a million

Piggy bank… Everybody knows piggy bank…

Honestly, I don’t really know why they use pig as the model of coin bank. I know it will not always pig, but yup, piggy bank is very famous.

I bought two coins banks for my kids few months ago. I know, it does look that I am lazy because I have not teach them to save the money in the coin bank. I can see that my kids cannot wait to find out about the piggy bank and they really curious about it.

Finally the opportunity came, two weeks ago, on Saturday, I started to introduce them to their coin banks. I gave each of them two dollars and I told them that when the day go to roads, they may use the money according to what they want. I’ve done this to JJ before, but I have not introduced him to his coin bank yet. I also explained to them both that they can deposit the remaining money in their coin banks and this is called saving. I also explain to them that by saving their money, they can use their money for something which is useful and valuable for themselves and others.

I know, probably by the age they are now ( 4yo and 2 yo) they have not really understood the meaning of saving money. But with the time goes by, they will understand it. So, I think it is good to introduce the savings to my kids early on, with hope that they will learn to be responsible in using their money in the future.

Well, when I gave them two dollars each two weeks ago, they decided to keep one dollar in to their coin bank and another one dollar each in their pockets. They brought their coins outside but then they didn’t use that coin, when they reached home, they saved those remaining coins into their coin banks.  Last week they decided to keep all their coins into their coin banks.

By doing this, I hope they will start to learn how to save their money and use their money wisely. There is always a beginning of everything and this is their beginning of learning to save their money.  Every weekend, I give them that money and explain to them the purpose of saving. It is not the amount of the money which is important now, but the meaning of saving is very important for them to understand. The money might not only be useful for themselves, but it might be useful for others as well.

I would like to hear from you too… Could you please share your experience on this? How did you explain to your kids about saving… It might become a very useful input for us 🙂 

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12 comments

    1. Thank you for sharing,Suzi,
      my kids are still learning, sometime they still don’t understand why they keep the money on the coin bank. Same as what u said about your kids, my kids are also excited when it is time for them to put the coin into their coin bank

  1. I think your kids are getting it quickly.
    We give little money for doing work at home. Cleaning up play-room $0.25 to the older one $0.10 to the little one, etc. Some work they do for no money, sometimes for money so they will learn responsibility within the family.
    When the money builds up in their banks, we count it and 10% is tithe to church, they have 25% they must save, 25% they can spend and the rest they choose between giving to the Lord (this can be church or a missionary), saving and spending.
    My 4 yo wants to save everything because he likes having something for himself.
    Choices are harder for the 10 yo because he understands more, so he wants to do all three.
    I like that you are teaching your kids about money so early; I believe it’s very important.

    1. Thank you for sharing, Jen,
      I think it is a good idea to give little money for doing work at home 🙂
      Think to apply it to them 🙂
      I have applied tithe to my kids’ money too.
      I know they don’t understand now but still we do it on behalf of them. As every chinese new year or birthday, they receive some money from relatives, I will put aside 10% for tithe to the church and the rest I keep it in their bank account.

  2. Hey! I always thought they were called Piggy Banks because pigs eat a lot, and as kids we were supposed to “feed” it as much as possible. But with that in mind, why would the slot be on their back and not at the mouth? Great post!

    1. thank you Den, for visiting my blog and share your thought here 🙂
      What you said does make sense, pigs eat a lot and kids were supposed to “feed” it as much as possible.
      Now I know the reason why the named it Piggy banks 🙂

  3. It is a great idea to teach kids about saving. We had piggy banks and them pocket money in the bank… They are now in college so only time will tell how my kids manage… TY! for stopping by my blog. 🙂

  4. i still struggle with the jobs the kids should do as part of being a family and the jobs they should receive pocket money for. it is good for the kids to receive some pocket money, then they can experience the tension between saving and spending. working it out slowly.

    i always reward a good attitude towards work with extra (but small) privileges. i love a good work ethic.

    1. Yes you are right. Good work attitude is very important. It will be good that they have learnt it since they were very young 🙂
      I think it will help them not easy to complain about what they have to do in the future 🙂

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