Are Piggy Banks Outdated?
December 5, 2020
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Have you given your kid a Piggy Bank?
When you were little, did you have a piggy bank? If so, what did you do with it? Did you put money into it or just play with it?
I had a cute piggy bank when I was a kid and my parents instructed me to save my money in it. Quickly, I realized that once the money went into the bank, it wasn’t easy to get out without literally breaking the bank. So, I decided to no longer put money into it.
As I grew up, got married, and had kids of my own, I caught myself telling them to save their money in a piggy bank. Until one day, I realized that was not good enough.
Save it for what? For how long? And then what?
Luckily, I realized the old way I was taught needed to be updated. Yes, saving is important, but more important is money management. Figuring out how much everything costs and how to pay for it is much more useful than just saving money. Also, showing them how to shop for products and services and comparing the options were all aspects of managing money that I was never taught and had to learn the hard way.
Unfortunately, money management is not a subject taught in schools. It falls on our shoulders as parents to teach this all-important life skill. So, the next time your child gets money as a gift or earns some money, check to make sure that you are teaching them how to manage it not just save it.
And if you want some help with this, check out our tools page by clicking here. Many of our resources are free or just a few dollars and will help you avoid the mistakes parents make when teaching their kids about money.
Sending You Much Love & Laughter
Amy & Sittah
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