Money Savvy Generation is marketing multiple slotted piggy banks with allocation for savings, spending, donation and investments. There’s an opening on each foot of the piggy bank for drawing money. The piggy banks comes in translucent shades of blue, pink and green sold at $18.99, as well as the non-translucent platinum edition for $19.99.
Moonjar is a similar piggy bank, which comes in Standard at $7.95 and International at $25.00, featuring a three-piece tin container with slots for Save, Share and Spend. And then there’s the Prosperity4Kids piggy bank, a ceramic piggy bank with slots for Give (10%), Invest (10%), Save (10%) and Spend (70%).
Now these modern piggy banks might be a bit pricey but they teach both children and parents an important lesson about personal finance – money is not just for spending or saving. Money is likewise meant for investing and sharing with others in need.
Children as young as they are benefit greatly when parents consciously teach them about money management. The young may not have a lot of ideas on personal finance and money management, but when parents open their eyes on the principles of saving, spending and investing as well as giving, it broadens their perspective about money and prepares them for a much challenging role of handling finances later in life.
Some experts recommend ditching the piggy bank system altogether in place of financial literacy lessons and actual money saving in the bank. They say that money really doesn’t need to be saved, but managed. Piggy banks may have become outdated, but extinction seems so far away. People still recognize the life changing lessons that storing coins during childhood, and even into adulthood, bring.
For the New Year, we suggest parents continue the tradition of piggy bank. Buy your children not just one but four piggy banks so that they have container for all four money categories. Or, if parents can afford it, buy the modern piggy banks with multiple slots. However, there really is no need to spend any money on piggy banks. Coffee cans and old peanut butter jars may be recycled for the same purpose, plus they can be customized accordingly and turned them into playful and charming décor.