21 Cool Piggy Banks as Gifts for Kids

Unique piggy banks for kids | looking for cool piggy banks for kids? I've got 21 for you. Not only that, but read to the end for some resources for how to teach your kid to save money. After all, they'll be super interested in the idea once they see their new gift. #uniquepiggybanks #forkids #products| https://www.moneyprodigy.com/21-cool-piggy-banks-gifts-kids/

Cool piggy banks to help the kiddo in your life get excited about saving money. Heck, they might even accumulate some instead of you finding it crumpled up in their jeans pocket!

The piggy bank. It’s kinda the first instrument/tool/resource you can give your kiddo, or your niece, nephew, grandchild, etc. to get them interested in saving money.

Saving money for kids starts simply by giving them a place to start accumulating their extra coins + cash. Instead of leaving a dollar here, $0.50 in their wallet, and finding money crumpled up in the corner of their bedroom…you can now give them a place to store it.

And not only store it, but to watch it grow into something.

Getting a child interested in accumulating money can lead to some really cool outcomes later in their lives, such as them being able to fund their needs + wants + dreams.

In other words, by gifting them one of the cool piggy banks below, you’ll be able to pat yourself on the back down the road when you see them living their lives OUT LOUD.

Choose from one of the 21 unique piggy banks to get the kid(dos) in your life interested in accumulating money (or at least, not spending all of it as soon as it reaches their pocket — which for their age, is a solid start).

FYI: all prices below are estimates, as we all know how much Amazon loves to change prices as the seasons progress.

Pssst: ever wondered why people put coins into pigs, anyway? I mean, why not put coins into cows? Or dogs? Turns out they’ve been doing it for centuries. Check out the history of the piggy bank here so that you can add in a fun story to tell your kid(dos) when you give them their very own!

Piggy Banks with Single-Use Savings Category

These piggy banks have one slot, and one opening to access the money from that slot (yes, gone are the days where you have to smash your piggy bank to get the money out. Could be a good thing, could be a bad thing…depends on how impulsive your little one is!).

Piggy Bank #1: National Geographic’s Glow in the dark moon bank ($14.95)

My 8-year-old, astronaut-obsessed self just got excited – this coin bank is actually made with real meteorite from outer space!

Piggy Bank #2: Pokémon Pokeball Kids Coin Bank ($9.42)

Did you ever give Pokémon GO a whirl? C’mon, tell the truth. I actually tried it out myself after hearing about it from NPR. After several duels in the bread + vegetable aisles at the grocery store, I threw in the towel.

For any little Pokémon fanatics in your life, this is the bank.

Piggy Bank #3: Frozen Elsa Piggy Bank ($7.25)

Fun little fact: my husband is in love with Frozen. He might not admit to it out on the street…but he is. He plays the songs for our little guy on his phone (and may or may not sing along with them).

Any other Frozen fans on your shopping list? Personally, I’m wondering how many coins will actually fit inside this Elsa doll.

Piggy Bank #4: Dog Mechanical Piggy Bank ($19.99)

Two things you need to know: this dog’s name is Bailey…and he eats spare change. Nice way to encourage your kid(dos) to put their coins “away”!

Piggy Bank #5: Emergency Money Bank ($14.97)

Want to start instilling the need to save for an emergency fund? This coin bank is a great conversation starter for that. Bonus: no batteries needed.

Piggy Bank #6: Elephant piggy bank ($12.99)

This one’s so cute, you might just want to scratch under his little trunk.

Piggy Bank #7: Jumbo Coca-Cola Bottle Bank ($24.99)

My grandparents had this two-foot tall Coca-Cola bank…and when they cashed it in after years and years of plunking all their pocket change into it, the total was over $800! Nice.

Piggy Bank #8: 4 Jumbo (20″) Tall Plastic Crayon Piggy Banks ($20.99)

What a cool way to categorize four different reasons to save your money!

Piggy Bank #9: Light Up Kids Railroad Standing Bank ($27.99)

Kid(dos) get immediate gratification when putting their hard-found coins in this giant bank, which lights up as if a train were passing each time a coin is deposited.

Piggy Bank #10: Owl Piggy Bank ($18.99)

Can I just say how super-cute this little guy is? I mean, who couldn’t help but want to feed him nickels and dimes?

Piggy Bank #11: Kate Spade Elephant Bank ($49.95)

Stylish + chic are the words I’d use to describe this Kate-Spade designed elephant bank. Black and white, and would match any décor. Bonus: it’s so stylish that really, it’ll grow with the child.

Heck, I’d like to have this little guy sitting on my library-turned-playroom shelf!

Piggy Bank #12: Paint your own piggy bank ($11.80)

My favorite? The cow. I want to paint the cow! Probably has nothing to do with me growing up on a dairy farm. Nothing at all.

Piggy Bank #13: Digital Coin Counter Savings Jar ($15.99)

There’s a digital LCD screen display that counts and keeps track of the jar’s savings for your kid(dos)! And if they happen to raid the money-candy jar early, or if they want to add some bills instead of coins? They can work on some money skills by using the add/subtract button to report the amount. Another unique part of this bank is that you can just unscrew the lid to get out your cash. That could be a good thing…or a bad thing.

Piggy Bank #14: Cat Stealing Coins Bank ($13.99)

Soooo…there’s this cool cat who apparently likes to pop up and steal your coins when you place them on a certain spot. What kid (or adult, for that matter) wouldn’t try to place more coins on that spot (which happens to lead directly into savings)?

Piggy Bank #15: Doctor Who – Tardis 12th Doctor Talking Money Bank ($24.99)

Any Doctor Who fans out there? Here’s an official Doctor Who product all about getting your kid excited to save their money.

Piggy Banks with Multiple Savings Categories (Save, Tithe, Invest, etc.)

Looking for a piggy bank that will allow your kid(dos) to divvy up their precious dollars into different categories, like tithing, spending, saving, and investing? These banks are for you.

Piggy Bank #16: Moonjar classic piggy bank ($18.99)

This award-winning savings jar allows kids to divvy up their money between saving, spending, and sharing. A Family Guidebook and Passbook are included, and the individual compartments can be taken out, or kept together in one bundle.

Piggy Bank #17: Legos-Looking piggy bank ($20.49)

Have a little person who is really into building blocks? This piggy bank will delight them. I like how the individual containers are transparent, which is one way to get your child to see their money physically growing (or declining, if they decide to use the funds early).

Piggy Bank #18: Fire Truck Coin Bank ($37.95)

My two-year old is obsessed with fire trucks. On a recent visit to PA where my family lives, he actually got to tour one! Which isn’t out of the ordinary, as my Mom’s side of the family owns a firehouse.

The neat thing about this coin bank is there are four chambers for SAVE-INVEST-GIVE-SPEND, with four different exits.

Piggy Bank #19: Surfboards piggy bank ($29.97)

This surfing bank gives your kids the option to put their money in four different categories: spend, give, invest, and save. It actually made an appearance in Oprah Magazine’s Favorite Things section!

Piggy Bank #20: Smart Piggy Trio Bank ($14.99)

This is a set of three boxes with magnetic closures that cover your kid(dos)’ money needs for spending, saving, and sharing. Boxes can be stored together, or taken out as separate components. Also comes with a simple kid’s money guide.

Piggy Bank #21: Money Savvy Pig ($24.99)

I love how transparent the four chambers are with this piggy, one each for: save, spend, donate, and invest. It also comes with stickers to decorate each of the four categories with.

Now that You’ve Picked out a Piggy Bank…

I want to give you a few more resources, as buying your kid(dos) or the children in your life a piggy bank is likely to peak their money interest.

  • Money Conversation Starters for Kids + Families: Don’t be surprised if buying your kid their first piggy bank helps start the money conversation. This is a good thing! I’ve got a free money conversation starter resource for you here that dubs as a fun family dinnertime game.
  • Creative Ways to Help them Fund their Piggy Bank: And how can you help fund your child’s new piggy bank? Well, I’ve got some creative ways to help you fund either their piggy bank, or their savings account.
  • How to Open Your Child’s First Savings Account: The next step after accumulating money in a piggy bank? Is opening a savings account where not only can your child accumulate money, but they can grow it via the awesomeness of compound interest. Once you’re ready to open that savings account, check out my guide for how to open your child’s first savings account.
  • Savings for Your Child Now + in the Future: If your child is not really ready to house money in a savings account, then do this. Give them a piggy bank, then also open the savings account for them. Use this strategy to fund their savings account starting this holiday. They won’t miss at least part of the money, and you can be saving a hefty sum towards their future without them knowing it (at least until they’re old enough to appreciate it).

Family Dinner Games with a Money Twist: Everest Avalanche Dessert Breakout Box

Looking for fun family dinner games for kids (that ALSO teach your child how to save money)? Get my free printable: Dessert Breakout Box - Avalanche on Everest for a really fun reason for your kids to BEG to come to dinner tonight. | https://www.moneyprodigy.com/family-dinner-games-money-twist-everest-avalanche-dessert-breakout-box/

Family dinner games that will teach your kid a specific money lesson + have them begging to sit around the table? #MamaWins.

Mama Bears? You’re about to reach cool-Mom status. Not only that, but your kids will actually want to sit down to a family meal tonight.

Why is that?

On my quest to figure out innovative + experiential ways to teach your kids about money, I’ve come up with an idea that takes the cake (or brownie, or M&Ms, or Heath bars…).

It’s a Dessert Breakout Box. And it’s going down tonight, at your dinner table.

What does this have to do with teaching your kids about money? Well…they have to solve a money puzzle to actually break into dessert tonight.

What is a Dessert Breakout Box Anyway? Plus a Sneak Peek at the Storyline

Breakout boxes are pretty cutting edge in the education realm. Breakout EDU is leading the way with their idea to take an escape room − where a group of people get together and figure out puzzles to escape the room for entertainment − and bringing it to the classroom. They’ve got a stellar Breakout EDU kit, and then there are hundreds of challenges + adventures you can get to go along with it.

I mean, what kid (or adult, for that matter) wouldn’t want to get their hands on one of these?

I’m feeding off this escape-room-turned-box idea even more by bringing it to your dining room table.

And the lessons your kids will learn? Are all about money.

Everest Avalanche Storyline (Sneak Peek)

There’s an oxygen-deprived mad man on the mountain! Your kiddo is part of an expedition team who is stuck up at Camp 1 due to an avalanche cutting off their path. While they wait for helicopter rescue, they  notice that one of their teammates has gone a little crazy. In his oxygen-deprived state, he’s heading UP the mountain instead of down. Even worse, he’s boxed up dessert with a lock and set sneaky codes your kid will need to break in order to get dessert tonight. Not a good thing when your food supply is dwindling anyway.

In order to break into this box and eat the dessert, your kiddo will need to solve one of the three money puzzles included as part of this free printable. It’s your choice which one (and feel free to use the other two for other memorable family dinner games)!

Pre-Work Overview + Details

Mama Bear, you get to choose from one of the three money puzzles that your child has to complete in order to break into their dessert box.

The three money puzzles are:

  1. Money Puzzle #1: Emergency Fund Balance
  2. Money Puzzle #2: Derailed Savings Plan
  3. Money Puzzle #3: Savings Account Purpose

You can pick by: divvying up a different puzzle to each child, choosing one puzzle for the whole family to solve, or by the money lesson you’d like your child to take away from the dinner table tonight.

Get the instructions + free printables by clicking to subscribe below:

How to Get Your Kid(dos) to Beg to Sit down to Dinner Tonight

Get your kid(dos) to beg to sit down to dinner tonight by leaking various hints throughout the day about what’s going down at family dinner time tonight.

Such as:

:: Write on a kitchen chalkboard your dinner menu + “Dessert: Held Captive”
:: Watch the family-appropriate Everest DVD Beyond the Edge with your kids, and tell them their hint for tonight’s dessert is in it
:: [Insert your own idea!]

Use this Dessert Breakout Box to add a second course to dinner the kids will never forget.

Savings Plan for Child – Catch All those Holiday + Birthday Cash Gifts Over the Years

Your kid savings plan: it starts this coming Christmas or even on their birthday. Plus I interview 8 moms (1 father) who have been using this method since birth, and they reveal how much savings their child has accumulated. Money challenge met! Savings plan for child. | https://www.moneyprodigy.com/savings-plan-for-child/

Potty trained. Check. Savings plan for child. Check (at least after today!).

I want you to say this with me, Mama Bear:

“From this holiday and birthday onward, I will set aside 50% of each of my child’s money gifts into their savings account.”

BOOM.

Making this one commitment will change the money course of your child’s future.

Yes, they might whine at you.

Yes, they might have their hearts set on something to purchase in a store with that money.

Psst: I did say 50%, not 100%, for this savings plan for child. So they could certainly still spend some of the money on themselves. Otherwise this savings plan for child might fail!

But when they turn 18, and you can hand over a savings account with (potentially) several thousand dollars in it − made up of $5 here, $25 there − they’re going to be über grateful that you did this for them.

Why? Because it’s textbook money for college. It’s first-apartment-deposit money. It’s car money. Wouldn’t you have loved it if YOUR parents had handed an account over to you with several thousand dollars in it before being thrust out into the real world?

8 Actual Parents Who Have Been Doing This + How Much It’s Reaped for their Kid(dos)

I started doing this myself – at 100% contributions of any cash gifts we receive ($110 so far! We’ll likely decrease the percentage once he figures out how a store works) – starting at our little guy’s birth. But he’s only 21 months old, and I want to know how this will play out for you (and me!) over the years.

So, I found several mothers who had started doing this when their kid(dos) were very young to see how it’s turning out for them.

After posing this question in several different Facebook Groups, I found that among 8 different families, the range of savings accounts from using this method is between $850 all the way up to $20,000! In other words, from covering two semesters’ worth of college textbooks, all the way to several semesters’ actual tuition cost.

Here’s a breakdown:

  • Jill (*name changed) daughter, 11: $850 in a savings account thanks to employing this method.
  • Jane (*name changed) son, 13: “What I have done with him is every time we go and see my parents for the last several years, when my Dad gives me $50, I set it aside and put it into my son’s bank account. I take him with me when I do this. I’m custodian to his savings account, which has about $3,500 in it right now.”
  • Ryan Inman, son, 2: “Contributions from grandparents towards college has been the primary reason for opening the account. Most of it makes it to the 529, some saved here for other investments. My son turns 3 in sept and has 12k in it. Started the account a few months after he was born.”
  • Jesse M Fearon, children aged 19 months, 4, and 5: We’ve had savings accounts for them “since they were born (well, since we received their SSN numbers in the mail after they were born). It’s just a simple savings account but we deposit all money in that account until they are 3, then the rule is they can keep the cash (if it’s less than $10) and any checks are deposited into their savings account. We don’t give our children birthday gifts, instead we deposit money into their savings accounts for their birthdays. Our children are 5, 4, and 19 months old. Our oldest has the most saved since he’s been around longer, but all of our children have over a $1,000 in their accounts.”
  • Holly Porter Johnson, 6 and 8: “I’ve been saving my kids birthday money since they were babies. I add it to their 529’s. They each have around $10,000 And they’re 6 and 8?.”
  • Emma Healey, son, 5: “My 5 yr old has $2800. I bank all the gifts his grandparents send over. They live in a different country so always send cash and tell me to buy something nice for him but instead I buy him a $1 toy from the thrift store and bank the rest.”
  • Lee Huff, 2 and 6: “We started saving $100 a month in a 529 in my name for each child when we found out we were pregnant. Then we transferred the money into their names after they were born and had a SSN. Instead of birthday gifts, we ask people to contribute to their 529 instead. They’re now 6 and 2 and have a combined $20,000 in their 529s.”
  • Robert Farrington, 9 months, 3: “We have two kids, one is 3 and the other is just 9 months. We’ve put every cash gift they’ve ever received into the account. My oldest, at 3, has $1,700 in their account. My younger one has $1,000. We plan to continue to save all their cash gifts this way.”

Wow. Inspiring, right? Remember that when it comes time to hand over these accounts to the kids (who won’t be kids anymore, but very young adults), they’re not going to remember that toddler-sized Elsa doll they weren’t allowed to buy with their money, or the latest video game they would have conquered in a few weeks anyway. They’re going to be super grateful to have had a mother with the foresight to know their child was going to need money to start their adult life. Besides, saving money for kids could also help steer them away from a paycheck-to-paycheck mentality. Your savings plan for child starts today!

How to Stop Your Child from Developing a Paycheck to Paycheck Mentality

Does your kid have an allowance-to-allowance mentality? Saving money for kids doesn't have to be hard. Teach kids this vital life skills set BEFORE they head down the path of paycheck-to-paycheck living. |  https://www.moneyprodigy.com/saving-money-for-kids/

Saving money for kids can be a difficult concept to get. In fact, natural mode for many kids (and adults) is to live allowance-to-allowance. Let’s look at how to break your child’s paycheck-to-paycheck mentality before they even get started adulting.

One thing I’ve heard over and over from working with adults + their money is how they hate living paycheck to paycheck.

In case you’re one of the lucky ones who’s broken free from this, let me give you a quick refresher of the life you (gladly) left behind: living paycheck to paycheck means when your paycheck ends, you’re unable to meet your financial obligations. In other words, there’s no savings and/or passive income coming in to keep your money momentum going…and yet the bills don’t stop coming, do they?

Psst: not sure if you’re living this life? Just ask yourself what happens if your next paycheck doesn’t come. Squeezed past that one? The next one after that doesn’t come either. How would that play out? If it’s looking scary as heck with a fire thrown in, then you’re living paycheck to paycheck.

This puts an even greater risk to you and your household in the event of unemployment. Sure, you might get unemployment insurance, but it’s a fraction of what your usual paycheck would be (which was mainly spoken for already).

Being one big car repair away from landing back on your mother’s (um, that’s you) couch is not what we want for your child, either. So, we’ve got to plant the seed that will stop this from ever starting.

Does Your Child Have an Allowance-to-Allowance Mentality?

Does your child currently live an allowance-to-allowance mentality? In other words, they spend all their money as soon as they get it, chomping at the bit for that next bit of allowance to flow into their lives and keep all their amazing wants afloat?

That’s a seed to paycheck-to-paycheck living.

Maybe it won’t lead directly to a paycheck-to-paycheck life. But it certainly seems like it could, right? Not to mention 50% of Americans live this reality, so it doesn’t seem like such a far stretch.

We want to keep your child securely in the other half of that 50%.

Let’s change that now, when losing their next paycheck doesn’t mean piling on tons of debt.

It’s time to break that allowance-to-allowance mentality by teaching your child to save their money first from week to week, and then from month to month.

Pssst: looking for a really unique, engaging way to teach your child to save money? Be sure to check out my Mt. Everest Money Simulation by clicking the image below.

Teach children to save through the Mt. Everest Money Simulation Program.

Wait a Sec…My Child Has Already Developed an Allowance-to-Allowance Mentality

Rest assured, Mama Bear. You’ve got time to turn this money ship around.

Saving money for kids doesn’t have to be hard. Instead, it can be incremental.

I’ve got some tweaks you can make to your current allowance system that I’m numbering from least aggressive to most aggressive. Sometimes your child will get the hint (the least aggressive option) and other times it’s going to take a bit gentler nudging.

Note to yourself: doesn’t matter which one they take to. No judging here! We’re looking for results, and each child is different. If your child needs one over the other it doesn’t mean anything.

Also, one may be more appropriate for where your child’s money development is than another. Or you might fear being too controlling or helicopter-y, in which case you’ll want to pick one of the more hands-off approaches while still (hopefully) getting the result you want.

Allowance Tweak #1: Pair their Allowance with an Incentive Program

Saving money for kids could be as simple as giving them an incentive. Heck, it works for adults!

Introduce an incentive, just like banks have, when your child saves part of their money. But only for the dollars that make it past the allowance period. For each dollar left at your next allowance rollout, give them $0.25. Or $0.50. Or $1.00.

How will this change your child’s savings mentality?

Depending on how chiseled your child’s instant gratification muscle is, you could start with a one-week incentive, a bi-weekly incentive, or a full-month incentive. Pick the one that is a stretch, but not outside of the realm of their ability.

Allowance Tweak #2: Stretch their Allowance by One-Notch

The longer the time in between when they get allowances, the more they’ll have to adapt to planning, budgeting, and actually saving their money.

So stretch their allowance period one notch up from wherever it’s at right now.

Examples:

  • On-Demand: If you’re doling out money on-demand, then instill a weekly allowance ritual to introduce the concept of waiting + budgeting their money.
  • Weekly: Take their allowance to bi-weekly.
  • Bi-weekly: Take their allowance to monthly.

Allowance Tweak #3: Tweak the Amount You’re Giving Them

Hand over a few purchasing responsibilities to your child, but don’t actually give them enough in each of their allowance payments to cover both what they want AND what you have told them they are responsible to pay for.

I mean, how many of us adults get paid enough in each of our paychecks to cover everything we want AND need at the moment? Not many (certainly not me!).

This means if they don’t learn to carry over (i.e. that dirty word, “save”) money from one allowance payday to the next, then they never get what they want. Or they make an even worse decision, and not buy what they need, making the lesson hit home even harder.

Eventually, they’ll get the hint.

Note: I think this one will need to include some conversations from you to remind them that you are fully giving them enough money to buy the things they want + are responsible for, but they need to manage their money differently in order to see it happen. Talk about a teachable money moment!

What this could look like to increase saving money for kids:

  • You let your child know they are now responsible for a few extras they’ve been sneaking onto the grocery list (aka a ‘want’, such as that really expensive designer shampoo you’ve never even purchased for yourself), plus something that has previously been paid for and chosen by you (aka a ‘need’, such as their backpack for next school year).
  • Figure out how much extra they should receive in order to be able to cover these extra responsibilities you’ve given them. In other words, figure out how much you, as a responsible and budgeting adult, would be comfortable paying for each item. Then if the child wants to splurge to the next level, they’ll have to figure out whether or not spending their own money on the extra is worth it + how to actually save up to make it happen.
  • Increase their allowance amount to account for the extra costs they’re now responsible for, but not so much that they can pay for the items in one fell swoop. How far should you stretch it out? Well, that’s up to how far along you think their instant gratification muscle has developed.

Pick one of these allowance tweaks, and go with it. Test it out for a month or two, and then tweak it or move on per your child’s taking to the actual lesson you’re trying to impart: curtailing the allowance-to-allowance mentality by having them discover the need to save their money.

Myown’s 14-year Old Spends his Money As Soon as he Gets it. Here’s the Solution We Came up With.

Teach kids to save money with this one allowance system tweak that helped 14-year old Spike stop spending his money as soon as he gets it. Hint: no jars involved. | https://www.moneyprodigy.com/myowns-14-year-old-spends-money-soon-gets-heres-solution-came/

Teach children to save by using this one small tweak that worked for Mama Bear Myown and her 14-year old son, Spike.

The first Friday of the month is a very intriguing one for 14-year old Spike. He gets paid $100, which represents his entire months’ allowance.

His mother, Myown, says, “I put it in his bank account the first Friday of the month like a payday and he has a bank card. So he can go to the bank or use the card out like an adult because he’s almost one.”

This once-a-month allowance system was going great for them. Except there was only one problem: it wasn’t getting across the money lesson his mother wanted to teach her son.

Pssst: looking for a really unique, engaging way to teach your child to save money? Be sure to check out my Mt. Everest Money Simulation by clicking the image below.

Teach children to save through the Mt. Everest Money Simulation Program.

Money Behavior this Mama Bear Wanted to Change

Myown, Mama Warrior of The Polished VA, and mother to Spike (14 years old), Tom (7 years old), Jerry (5 years old), and Tike (4 years old), wanted her eldest son to start saving up for larger items.

In her mind, this meant saving money from one month to the next without spending it on something frivolous – a bit a stretch-goal when your teen is just starting to work out their delayed gratification muscle.

And Spike just wasn’t getting there with their current allowance system.

With that $100, Myown expected Spike to pay for extras such as bowling + movies with his friends, and facial wash. But bridging that gap between paying for an $8.00 movie ticket + $4.50 hot dog all the way to paying for $55 new shoes is where she was having trouble.

Her money behavior she wanted to change: “I’m trying to teach our teen about saving his money instead of just spending it as soon as he gets some. For example he get $100/month for things to pay for such as his bowling, movies, and facial wash (items that he needs and then things that he often likes to do with his friends). Saving towards something big like (new shoes that are coming out or new laptop) instead of feeling like he has to spend the money on eating out or picking up something he doesn’t need.”

The Tweak to Myown’s Allowance System that Yielded Impressive Results

Bridging that money gap between one month to the next is actually a hard concept for many adults to get, let alone kids.

So instead of starting with that big-kahuna goal, I asked Myown to scale back on both her expectation as well as her allowance.

Solution: Divide her $100/month allowance into two, and give it twice per month, just like a bi-weekly paycheck.

Of course, savings in this sense will only be on a two-week time table, but it sounds like he needs to start on short-term savings goals before moving onto bigger ones.

It’s what I like to call time releasing your money, and I’ve recommended it to adults for years. The good news? It can work for kids as well.

Spike’s Progress, Two Months Later

I reached out to Myown two months from our initial talk to see how things were going and if she had used my idea.

Myown said that she is using the solution, and “…he’s actually using his money less. I also let him keep an account of his own money so juggles it better. For example he saved his money so he could buy his brothers and us Christmas gifts from himself. He was so excited that he made the purchases with his own money.”

She took things a step further, and “…tried the item with finding a goal of something he wants to purchase and making that his screen shot. Then when he thinks of spending his money on frivolous items he sees that and changes his mind. Right now, his goal is man uggz.”

Spike has been offered a spot in his high school’s finance program as well, which has the nation’s only student-run stock room. So he’s stoked about that. He’s also decided to begin designing tshirts to sell. Since Myown owns her own business, she’s walking him the steps of how to set up his own shop online.

Myown says, “Thank you so much. I want him to be able to handle his own finances when he leaves for school.”

Pssst: looking for a really unique, engaging way to teach your child to save money? Be sure to check out my Mt. Everest Money Simulation by clicking the image below.

Teach children to save through the Mt. Everest Money Simulation Program.

Steal this Amish Blueprint for Managing Your Child’s Paycheck

Amish Blueprint: How to save money for kids by managing their paychecks. Learn kids money management life skills, and walk away with some great ideas. |  https://www.moneyprodigy.com/how-to-save-money-for-kids-steal-amish-blueprint/

Learn how to save money for kids + how to manage your child’s paycheck with this Amish blueprint. The outcome is impressive!

The Amish provide an interesting case study when figuring out how to deal with your own child’s paycheck once they start bringing in the dough. Not only that, but how to save money for kids from that paycheck…even when your kiddo wants to spend, spend, spend.

Why is that?

Well, Amish kids start working + earning paychecks pretty early on in life. Like, in the 8th grade, after they graduate from school altogether.

The Amish are very aware that handing over an entire paycheck to a 13-14 year old child would be stupid. They’ve essentially had to come up with, then hone, a foolproof way to deal with their child’s paycheck from an early age.

We’ll get into much more detail about this in a bit, but first, let me introduce you to the Amish man who made this article possible.

Meet Leroy, My Father’s Primary Amish Taxi Client

I guess before I introduce Leroy, I should back up and explain my father’s job as an Amish Taxi driver. Most people stop me there, anyway.

My father has been a full-time Amish Taxi Driver in Lancaster, PA for 14 years.

The business is very much based on referrals and word-of-mouth from other, happy, Amish clients. At any given time your phone rings, an Amish person, who cannot own their own vehicle (or only in rare situations that likely revolve around their business, in which case they own a vehicle but hire a full-time driver) asks if you’re available at a certain time on a certain date to take them to wherever they’d like to go.

The pay is pretty good; one college summer I worked this job as a backup when my other job fell through and earned $3,000. That’s from making $0.60/mile + $10/hour waiting time (as they run their errands in stores, visit with friends and family, attend doctor’s appointments, etc.).

Leroy happens to be my father’s primary employer. This father of five, ranging in age from 3 to 21, owns a construction company. He hires my father to drive him around to in-state and out-of-state construction sites once a week to check up on his crews.

I say he’s my father’s primary employer, but really, he’s become a friend of our family.

One day several years ago I got the chance to ride around with he and my father for six hours and ask him all kinds of questions regarding handling his children’s paychecks and how to save money for kids. And a few days ago, I asked even more questions over my father’s phone to him to follow-up on a few things.

How the Amish Get Around Paying an Allowance

There is no allowance given to Amish children.

However, Leroy says that they do give their kids spending money for special occasions. Just not money given on a regular basis.

Instead, Amish kids generally go to school until the 8th grade, and then start making money of their own. Upon graduation they apprentice with someone or otherwise find employment. And employment can be for an Englishman (what the Amish call non-Amish in America), but only if they know and trust that Englishman (for example, one of Leroy’s eldest sons used to mow my father’s lawn during the summertime for extra cash, a job that came about because of my father’s special relationship with Leroy).

This paycheck that the kids start receiving around 8th grade is the source of their spending money. And it’s also the source of much, much more having to do with their future.

Psst: Curious if the Amish pay taxes?

Why Amish Children Do Not Get their Entire Paycheck to Spend as they Please

Amish children do not get to keep their entire paychecks to spend. Which is a good thing for three reasons:

  • Early Substantial Earnings: Amish kids start earning money at an early age, so probably wouldn’t have the know-how to deal with that kind of money. Leroy mentioned that if you were to hand over all their money to them, they’d spend it on stuff that doesn’t amount to anything. And he’s looking for how to save money for kids in order to satisfy the next two requirements.
  • Early Money Responsibility: The Amish are expected to be very self-sufficient at a pretty young age in regards to paying for things − such as coming up with a down payment for a home. For example, Leroy estimated that his son will purchase his first home between the ages of 18 and 19, with a $15,000 – $20,000 down payment. I’m not sure of too many Englishmen kids who could do the same! Leroy says the typical age to purchase a home for an Amish person is at the age of 21, so he’s expecting his son to be able to do so a bit early.
  • No Health Insurance: Amish do not have traditional health insurance, and so all Amish adults are expected to pay large sums of money towards their own children’s health needs + the needs of those in the community who come upon bills equaling hundreds of thousands of dollars. In essence, it’s a community-based health insurance plan.

Because of this unique money situation, the Amish have come up with a pretty interesting blueprint for not only managing their children’s paychecks, but to solve the puzzle of how to save money for kids so that they can achieve significant financial feats at a very young age.

The Amish Blueprint for Managing Your Child’s Paychecks

Growing up on the edge of the Amish community, I had heard the type of rumor a hard-working teenager never wants to hear: Amish kids were given 25% of their paychecks to spend as they please, but had to hand over the other 75% to their parents.

Honestly, I thought that was absurd as a teenager. I mean, wasn’t it unfair that I was doing the work − mucking horse stalls and babysitting − but I had to fork over my paycheck for my parents to control?

But why they do this and how it ends up playing out is a pretty darn good blueprint (I can say that now, as an adult. Your own child may feel differently).

Amish Blueprint:

  • Spending Money: It turns out that the 25% rumor was incorrect. It’s even less than that (at least to begin with!). All of Leroy’s children’s needs are paid for by Leroy and his wife. Leroy then gives his eldest son, who at the time of this interview was earning $120 at a market on Saturdays + working in one of Leroy’s construction crews four days per week, 10% of his paycheck to spend as he pleases. Leroy says that the more “liberal” Amish will give their children up to 50% to spend as they please. But he adds that 10% is the normal amount. As the kids get older and they need more money, this gets bumped up.
  • Investment Money: Leroy invests 10% of his son’s paycheck for his son’s future. Each year the amount Leroy invests towards his son’s future increases by 10% (so 10% the first year of work, then 20% the second year, and so on). Leroy says the Amish aren’t big on the stock market. Instead, they invest in what’s called Amish Helping Hands. This group then helps other Amish in the community in the form of low-interest loans (currently 3.25% for mortgages and 3.50% for farmers) to Amish farmers and first-time homeowners. Interest is paid on investments twice a year or reinvested, and the expense ratio is 0.25%. It’s a solid investment model, because Amish have an excellent track record of paying any debts owed.
  • Household Money: The rest of the money goes towards Leroy’s household.

But wait, there’s more.

Rental Income is Added In

Since the initial interview was several years ago, I took the opportunity to call my Dad while he was driving Leroy and ask him a few more follow-up questions on the phone about how to save money for kids + manage their paychecks.

It turns out, Leroy’s eldest son did end up buying that house at the age of 18. It’s a two-unit rental property, and he’s got a 10-year mortgage on it. So he earns almost enough from it to pay for the mortgage and upkeep, then will have the property paid off before he turns 30. Impressive!

At the age of 21, which his eldest son will reach in just a few months, he will no longer hand over any of his paycheck money to his father. Instead, he gets to keep it while also living at home rent-free + earning the rental income.

When he does eventually get married and move out of the house? He’ll likely keep this property as a rental property, and buy a new home for him and his wife to move into.

Sounds like a budding real estate mogul to me! Except that Leroy says this is pretty typical in their community − to buy a rental property, live at home until you’re married, and invest/save a good bit of your paycheck from the age of 13 or 14 onwards.

What You Can Take Away from this Blueprint

While it’s not likely your own child will have saved up enough money by the age of 18 to buy a rental property − after all, you’ll hopefully discourage them from dropping out of school in the 8th grade to work full-time − you can still glean lots of ideas from this blueprint on how to save money for kids + manage your child’s paycheck at an early age that will help them achieve some fantastic financial maneuvers.

Your own blueprint can look like this:

  • Your teen gets a job.
  • You both sit down after the first paycheck is earned, and figure out what percentage is appropriate for them to spend, and what percentage is appropriate for them to save. Leroy used a 10/10/80 rule, with 10% for spending, 10% for investing, and 80% to his household, with built-in investment + spending increases + a decreases in the household amount as each year passed. Note: Percentages are best, as their paycheck will likely fluctuate with increased earnings, or from being paid hourly.
  • You open up a custodial savings account with them (find out how to score a bonus $25 for doing so).
  • You open up a custodial checking account for them, or funnel their paycheck through your own checking account.
  • They have their paychecks automatically deposited into the checking account you’ll be using.
  • You set up automatic withdrawals into their savings account from the checking account, proportionate to the amount you both agreed on to save.
  • At the age of “majority” (18 or 21, depending on the state you live in) the account gets turned over to them.

Now it’s your turn. Have you figured out how to save money for kids from their paycheck? How do you manage your child’s paycheck, or how do you want to manage it moving forward? I’d love to hear your thoughts on this in the comments below.

4 Unique Ways to Fund Savings Account for Kids

Savings accounts for kids need money, and I've got 4 unique ways to fund them (living paycheck to paycheck? Then #1 and #4 are just for you!). Help your kids save money with these ideas (hint: no jars needed). | https://www.moneyprodigy.com/unique-fund-savings-account-for-kids/

Savings accounts for kids don’t have to be hard to fund, even if you’re living paycheck to paycheck

You’ve set up a savings account for kids in your family (wait, you haven’t yet? No worries. Here’s exactly what you need to do + how to score your child a $25 opening bonus).

And while there’s plenty of activities for your kid to do with their account instead of letting it collect dust, chances are, you + your kiddo want to see it grow.

I mean, if they watch it grow (cue big eyes each time they log in to see its climbing value), then they’ll be more apt to funnel even more money into it, right?

The best way to see savings account for kids grow is by having your child fund it with part of their allowance. The second best way is for you to fund it yourself.

But instead of offering you the same old tips about how to teach kids to save through incentives such as matching their savings, I’ve got 4 unique ways to increase their saving accounts’ bottom line.

Psst: Already stretched thin and don’t have extra funds to add to a savings account for kids? Then ideas #1 and #4 are specifically for you.

#1: Grocery Store Coupon Savings they Clip + Use

Have you enlisted your child to help you at the grocery store yet, like I detailed in 4 Unique Grocery Store Games for Kids?

One of the ways I outlined in there to get your kid involved with helping you was to give them your grocery list ahead of time so that they can clip/print out coupons that align with things you’re going to buy anyway. Then as a bonus incentive, I suggested that you supplement their allowance with any savings they reaped you.

Instead of supplementing their allowance, take the savings they reap you through specific coupons used and deposit it into savings account for kids.

You’ll need your grocery list already written out, plus a Sunday paper. Don’t usually get the Sunday paper chocked full of coupons? Then have your child scour the following online coupon sites:

Mama Bear Action: Retain each of your grocery store receipts for the month. At the end of each month, sit down with your child and have them add up all of the coupon savings from each receipt. Be sure they add up just actual coupon savings, not overall store savings! Then either write them a check to deposit together into their savings account, or transfer the money over from your checking to their savings.

#2: Double their Interest Earnings

Through the Compound Interest Detective Activity, your child learns a bit about interest and how it can compound to really grow their savings.

If your child hasn’t gone through that activity, then just sit down with them and find the interest rate.

Offer to double that interest rate, explaining to them that the more money they put into savings, the more money they will earn from your special bonus you’re giving.

Mama Bear Action: Each month (or quarter, depending on when interest hits their account) have your child log into their saving account. Look at the amount of interest earned, then have them watch you put that same amount into their account either by writing them a check (you could name it “savings bonus” in the notes section), or transferring from your checking account.

#3: Give Bonuses through Digit.co

Have you ever heard of Digit.co? This is an amazing free (now $2.99/month) savings tool that analyzes your checking account for bills + spending + income, and then automatically withdraws amounts between $5-$50 every few days into a savings account based on what you can afford.

It’s pretty epic.

I wrote an entire post about my experience with “finding” $509.97 in about two months thanks to this tool when we were in need of money for Christmas. What a lifesaver!

So why not set this cool tool up, then use the money siphoned off from your checking to occasionally fund your savings account for kids? You could call these savings bonuses, getting your kids even more excited.

Reasons for Savings Bonuses could include:

  • Stellar performance
  • Extra work around the house
  • Going above and beyond to help someone out (without prompting)
  • Just because!

Mama Bear Action: Figure out why you would like to give savings bonuses in your own household, and whether or not you want to share this with your kids. Sign up for a Digit.co account, and start accumulating money to fund these bonuses.

#4: Through Your Internet Searches

I’ve been a heavy user of Swagbucks search engine for several years now. Actually, I’m so into it, that I looked up my stats:

  • Joined: March 14, 2009 (what a glorious day)
  • Swagbucks Earned: 205,255
  • Points Cashed in for Actual Cash: $2027.79

Did you see where I said “cashed in for actual cash”? The cool thing about this is you can actually cash in your reward points as Paypal money, with no extra penalties for doing so. So whether you use those points for gift cards, merchandise, or pure cash, they’re worth the same.

Mama Bear Action: Instead of using Google as your search engine, switch to Swagbucks. With the reward points you earn, cash them in through Paypal and fund your savings account for kids. Seven years from now and $X,XXX dollars richer, you’ll be happy you did.

What are special ways you like to fund your kids’ savings accounts that are different from the norm?

Teach Children to Save with this Compound Interest Detective Money Activity

Teach children to save by helping them discover the insane-coolness of compound interest with this money activity. Some good ideas for saving money for kids, and definitely a money life skill to understand. | https://www.moneyprodigy.com/teach-children-to-save-compound-interest-detective/

Teach children to save by helping them discover the insane-coolness of compound interest with this money activity

Compound interest − a phenomenon that you want to get cozy with − can be an abstract concept for your child.

Heck, it can be an abstract concept for us Mama Bears!

But it works whether anyone understands it or not. How cool is that?

Still, we want your child to get into the über-awesome habit of saving gobs of money for the rest of their lives, so we need them to discover the coolness of money earning its own money.

Here’s a trick for how to teach children to save: let them discover their own money earning its own money. Which of course, then, becomes part of their money.

Pssst: pay attention to how often your child’s savings account compounds; if you’re just setting up bank account for baby, then you’ll want to find one that compounds monthly or even daily for the most amount of earnings.

Money Activity to Teach Children to Save: Play Compound Interest Detective*

Detective Step #1: Gather two consecutive statements representing two compounding periods from your child’s savings account. So if the account is compounded monthly, gather two months’ worth of statements. And if your child’s account is compounded quarterly? You’ll need two quarter’s statements. Annually (yikes, you’re missing out on compound interest earnings over the long haul with this kind of setup)? Get two annual statements.

While seeing their statement online is cool, printouts are even better. Print it out if you can find it online, or call the bank and ask them to send you one by mail/email.

Detective Step #2: Have your child dig into the two statements for a few nuggets of information. They want to find and then highlight both the starting balance + the ending balance (after interest was added) on each statement.

At the bottom of each statement, if it’s not a line item somewhere, have them write down how much interest was earned (by subtracting the ending balance from the starting balance).

For example, let’s say they have $250 in their account at the beginning of the first statement’s month, compounding monthly, at 0.75% APY. It would have earned $1.56 in that first month, bringing the ending balance to $251.56. Then in the next month, the interest is calculated on $251.56 − not just the $250 − so it will have earned $1.57 instead of $1.56. Which then, of course, gets added onto the principal to become $253.13 for the following month.

Detective Step #3: Ask your child why their money earned less during the first month’s statement and why it earned more during the second month’s statement (so in the example above, why did it earn $1.56 in month 1, but $1.57 in month 2?).

They likely won’t know the answer. Cue your “compound interest” discussion.

Mama Bear Cliff Notes: Teaching your child about Compound Interest giving you a headache? Skip the sit-down and have your child watch Camp Millionaire’s video on Compound Interest instead (9:02 minutes).

Detective Step #4: Have your child do some further detective work and find out how often their account’s interest is compounded. If you can’t find the information in the teensy-weensy font at the bottom of your bank’s page, then just make a phone call and ask someone.

Bonus points that you show your child how to be proactive with finances by getting an answer!

Detective Step #5: Have your child input their savings information into this calculator to figure out which is a more advantageous way to earn money: compounded daily, monthly, quarterly, or annually?

Directions:

  • Open up the calculator. Fill in the current amount you have in savings for the “initial investment” amount. Then $0 for the “Contribute” amount, and then fill in the number of years left that they have until they take over the account (typically at age 18 or 21, depending on the state you live in) in Step #2. For Step #3, fill in their current savings account APY, but leave the “Range of interest rates” field blank. Finally, have them pick “Annually”  for Step #4. Click “Calculate”.
  • Record the amount that your money will have earned.
  • Repeat the above steps three more times, only replacing Step #4 each time to “semi-annually”, “monthly”, and “daily”, then clicking “Calculate”.

So for the example above ($250 initial investment, earning 0.75% APY, with 10 years to go), here’s how it plays out with the different compounding methods:

  • Annually: $269.40
  • Semiannually: $269.43
  • Monthly: $269.46
  • Daily: $269.47

Detective Step #6: Ask your child which is the best way to have money compounded (and by “best” I mean have them choose the compounding method that will earn their money the most amount of money).

Mama Bear Note: you really want to play up the fact that this is without your child adding one extra cent to this account. The savings just grows on its own!

Optional Detective Step #7: If your child is not entirely impressed with their approximate $19.40-$19.47 interest earnings (or whatever theirs comes out to be), have them fill in whatever amount they would like as the initial investment amount…sky is the limit. And of course the greater (or in this case, “larger”) their imagination, the more compound interest will come through.

I’d love to hear about any “aha” moments your child has as well as questions in the comments below!

Setting Up Bank Account for Baby? Here’s a Few Considerations

Bank accounts to have for kids? It's time to set up bank account for baby (or however old your baby now is). We tackle this task and give you several considerations (plus the bank that we chose) in this post. | https://www.moneyprodigy.com/setting-up-bank-account-for-baby/

Setting up bank account for baby? Let me walk  you through the considerations to make so you can get this off your to-do list and onto your ta-da list

I’ve made it through cloth diapering, 2:00 a.m. feedings, and car seat installations. Now, I’m totally in the mode for setting up bank account for baby!

Our little one made his debut over a year ago. Being the financial nerd that I am − plus a darn good planner − I thought it would be awesome for me to set up a bank account for him now while he’s still in diapers to catch all of the generous birthday + holiday cash gifts throughout his childhood.

I mean, can you imagine the possibilities of how much that account could earn for him over the next 18 years?

That was 13 months + about 1,000 diaper changes ago. *womp, womp*

But you know what? There’s no better time than today for me to do this, or for you to do this (even if your “baby” now sports braces).

Here’s what to consider when setting up bank account for baby.

Pssst: Before we start, I wanted to let you know that we chose the Capital One Kids Savings Account for our baby. There are no minimums and no fees. Also, your child gets to have their own sign in information, even while YOU retain all the control. I think they’ll really like being involved with the banking!

Capital One’s Kids Savings Accounts do not offer a bonus. However, I called them and they told me how to get a $25 bonus in a roundabout way. Use this link to open a regular Capital One Savings Account with an initial deposit of $250. You will want to add your child as a joint account holder. Then once the bonus of $25 posts to the account (that’s an 10% return on your baby’s money already!), open a Capital One Kids Savings Account and transfer the money into it. Close the first account.  

You + Your Child Will Need Documentation (or at least Some Digits)

Kids under the age of 18 cannot open up a bank account on their own. So you’ll be opening a custodial bank account (here’s some of the in’s and outs of a custodial bank account). This means you will be part-owner to this account.

If you open a savings account at a brick-and-mortar bank, you’ll need your documentation as well as your child’s documentation in order to do so.

Both of you will need your social security cards or just the numbers (not sure where your child’s social security card is, or perhaps you haven’t applied for one yet? Here’s more info on how to get your child a social security number).

For the Capital One Kids Savings Account, I simply needed my son’s Social Security Number, birth date, and other information but I did not have to provide the actual documents. 

When Setting Up Bank Account for Baby, Choose the Type of Account You Want

Unless your child has a business and needs to write checks for it, your best bet is to choose a savings account. The reason is because the money is more difficult to access than if you had a checking account tied to an ATM machine.

Also, their money can earn interest. And if your child is not particularly excited about holing their money up in a bank, have them do this money-growth experiment using their new account.

Yes, checking accounts with interest earnings exist. However, your child’s earnings will be less if you use one of them.

Choose an Account with the Best Earnings Potential

You know how the best outcomes come when you plan with the end in sight? Well, your endgame when setting up bank account for baby is to get your child’s money to earn as much as possible over the next decade or however long they have until you turn the account over to them.

You can do that by making the right choices from the beginning. For example, you want an account that:

  • Compounds Daily or Monthly: The more frequently your savings account compounds interest, the more money it will make. Trust me on this one. And time is on your child’s side (especially if they’re still in Stage 4 diapers!). FYI: Capital One’s Kids Savings Account compounds monthly.
  • Has No Fees: Just like fees can eat away from your retirement account over the years, monthly account fees can eat away at your child’s growing savings. You need to find a savings account that does not charge a fee for low balances. And you don’t want to pay for other account fees either.

Make Sure You Can Meet the Required Initial Deposit

For me, it’s important that our child’s money and our own money doesn’t mix because then it might just get eaten up by our checking account’s gremlin (wait, YOUR checking account has a gremlin eating all your cash as well?).

I’ve been keeping a mental ledger of what should go into this account. We’ve received $110 in cash gifts so far from his baptism + first birthday party, so that will be our seed money.

If you don’t have money sitting around to get this started, then make sure you look for savings accounts with no minimum opening requirements. That way you can still get it set into place, waiting for when that first influx of cash comes through!

Weigh High Interest Rates Versus Lessons of an In-Person Bank

Online banks will offer higher interest rates than a brick-and-mortar bank. For example, while I’m writing this Capital One’s Savings Accounts offer 0.75% APY while a savings account at Chase offers only a 0.01% APY…*womp, womp*.

However, with the brick-and-mortar bank, your child will see more of the actual banking industry and how things work.

My advice? Take the convenience + much higher earnings from an online savings account, and still reap some of the brick-and-mortar lessons by considering some of these options below:

  • High Interest Rate + Teachable Money Moments: Choose an online bank with a higher interest rate, then when your child is old enough to get a job, open a checking account and show them the in’s and out’s of bank accounts then. You can still take them along with you for some in-person banking at your own checking account.
  • Online Banking + Paper Statements: For the Capital One Kids Savings Account, it automatically signs your child up for paperless statements. I think it’s more likely your child will keep up with their savings account if they receive quarterly paper statements instead of logging in and staring at a screen, plus receiving mail as a child is just oh-so-cool. So if I were you, I’d opt for the statements to come in the mail. If there isn’t an option for this, then you can periodically print them out and go over them with your child.
  • Show Them How Money is Deposited into their Savings Account: Even with an online savings account, you have to get the money there somehow. You can allow them to see the money trail by taking them with you to deposit the money into your checking account, then showing or explaining how you will then take that money and transfer it over to their savings account.

Figure Out How the Money is going to Get Deposited into their Account

Money’s got to get to this new account somehow, and you’ll likely want to make this step as convenient as possible so that you will go through with it − I mean, we’ve all got enough errands to run anyway, amiright?

A few ways to make this as convenient as possible:

  • Link Your Account with their Account: When setting up bank account for baby, link your own checking account to theirs. Then funnel the money to their account through your own (be careful that this doesn’t become a two-way street and their savings slowly dwindles down over the years due to unforeseen expenses; custodial accounts are like black holes, and the money is meant to become the child’s when they turn of age). So you deposit any amount they receive that is theirs, then transfer from your account to their account with a few clicks.
  • Choose a Bank that Allows ATM Deposits: Some online banks now offer deposits through local ATMs, upping the convenience for you.

As you can see, there’s a few considerations to make when setting up bank account for baby (or toddler, or 10-year old). But once it’s in place, you’ll have a great catch-all for the cash money gifts your child receives over the years.

Of course the longer that those money gifts have to earn interest, the more money there will be for your child, so it’s best to get going on this one, Mama Bear!