Silly WDYD, re: Piggy Banks.

j-w

Each of my kids have 2 piggy banks; 1 for change, 1 for paper money.  Whenever, they are full, we empty them out and put them in the kids' individual savings accts. 

Here is the silly part...DS got a ZhuZhu pet for Easter and DD can't keep her hands off it and keeps asking for one.  Would you take $ out of the piggy bank to go and get it?  I am only thinking  of doing this because a holiday just passed, in which she got other gifts.  So, I don't really want to just go and buy it now.  But, I also feel silly cracking into her piggy bank when I can easily go and get it myself.  FWIW, we just put $ in there from this holiday.  I kind of feel like it would be a fun little 'lesson' for a 4 year old...

What do you use the kids' piggy bank $ for?  I told you this was a silly question!!

camrude

This is not a silly question - MH and I were just having this conversation not too long ago. DD is 4 too and we were discussing when she could spend her piggy bank money. So far it just goes into the bank.

I'll be interested in the replies....

katie277s

Honestly, his piggy bank is only used for his savings account for now.  Eventually, I will allow him to buy something with his own money if he wants something. 

And right now, he doesn't care about the paper money, only the coins.  He got 5 $1 bills in easter eggs this weekend and thought nothing of them, but the quarters he got, you would have thought he won the lottery!

mlm1128

Now that she is old enough to understand things cost money we have a 50/50 rule.  Any money that she gets in gifts or from her piggy bank she can use half of (if she wants something really bad) and the rest goes to savings.

Since I have a few relatives that either buy her bonds or put money directly into her account there is plenty that goes to savings by default.

joseysbride

I have thought about this before, too.  While, like you said, I think it could be a lesson for her, I hate the idea of letting her know that the piggy bank money can be spent because I'd be worried she's always be asking to spend it on something.  KWIM?  I don't think Rory would think spending the money would be a lesson because she doesn't really care about saving her money right now.

I personally would kind of rather keep the piggy bank money out of sight, out of mind for as long as possible.  Rory does take $0.50 to $1.00 (of which usually comes straight out of dh's pocket and into her bank during the week) out of hers every week for offering at church, but that is different than buying a toy, imo.

Maybe you could put together a little sticker chart with things she is expected to do for the rest of the week (clean up toys, be nice to brother, listen well, whatever) and if she fulfills the chart this week, then you will take her to buy the pet this weekend.  By earning it, it is still a lesson.

Mrs.Tony

I like Joseys idea about earning it.

We haven't taken anything out of it and never really talk about it. She just keeps putting the money in there!

true_norskie

I don't think it is a silly question and I've been meaning to get other people's opinions on money lessons and what age is appropriate to start. 

DD is 4 and we just started with money "lessons".  She got money for a holiday and more recently her birthday and knew that she could buy something with it at Target (she's trained ).  I figured since she sort of initiated it that it was time.

I had a Target gift card with $10 on it so we wandered the toys and she'd point out things that she might want and I told her whether she had enough money for it.  The one thing she REALLY wanted was $20 so I told her she could either ask for it for her birthday (this was a month or two ago) or save up her money and get it later.  She chose to get something else.

When we went to check out she paid separately (obviously I helped her).  The cashier totaled her transaction and I had DD hand her the gift card to pay.  I think DD loved it!  I remember when I was a cashier that I thought it was totally cute when parents did this--and DD is REALLY at an age where she has to learn patience and not getting everything she wants.

She got money for her birthday and wanted (but didn't get) Zhu Zhu pets--so it is funny that you posted this.  After playing with some at her cousin's house, I would imagine this is what she'll get.

ETA: I like josey's idea, as well.  We've never cracked open the piggy bank and don't plan on it (although we will need to "learn" that you can save or spend $$ you get--and most often do both with $$ you get).  The $$ that DD spends or will spend is "earned" either through gifts or I like the sticker chart idea--we're running out of "consequence" ideas with our strong-willed 4 yo!