When it comes to teaching kids about saving money and money management with piggy banks, one of the best ways to do this is by using something that they will eventually need to use in real life. With this in mind, the Best Children’s ATM bank can be an ideal tool to achieve this. First, it gives children an opportunity to learn how ATMs work. Even more importantly, it teaches kids that ATMs are not simply money dispensing machines. They will quickly figure out that in order to take out money, it’s essential to first place money into the bank (Any parent that has teenagers who don’t seem to understand this concept can confirm the importance of this lesson).
Almost all piggy banks show the importance of saving, but most don’t focus much on what happens when the money is taken out of the bank. This bank helps kids understand the difference between saved money and spent money through deposits and withdrawals while giving the child experience on how ATMs work in the real world.
This bank will give parents an opportunity to also teach lessons to their children about money and personal finance at the real bank when using the ATM there. By referencing the child’s own bank, they should be able to better understand what you are doing at the real bank, that the money that you are taking out you had to place in and save, and what the money you are taking out will go to pay. Since the child will have some reference with their own bank, the concepts should be easier to teach. If the child has trouble with the lesson, you can then go and practice it on their ATM bank until they understand.
If the Best Children’s ATM bank seems to be the appropriate bank to purchase for your child, you may want to seriously consider taking the money management lessons you hope to teach with it one step further by purchasing a second one of these banks for use by the entire family. While your child will get the opportunity to use his bank when he earns money or when he is given money, this may not always be on a regular and consistent basis. An easy way to solve this lack of consistency is to set up a save your change game.
The game is a simple and effective way for families to save money. Basically, you just empty the change that you have gathered during the day into the bank before you go to bed. Instead of just dumping this money into the bank yourself, however, you can let your child place the coins into the bank each and every night. This ensures that the child has the opportunity to repeat the money management lessons you are teaching on a nightly basis so that they become familiar and comfortable with them. Best of all, you will be teaching them through example. By showing that it’s important for the family to save money whenever new money comes in, the child will understand that it is also important for him to save money. Actions often speak louder than words, so by purchasing a second bank you can reinforce all the lessons that you teach through your own actions.