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The Family Piggy Bank The Family Piggy Bank

Throwing Away Your Piggy Bank

Posted by on Feb. 11, 2013 at 2:32 PM
  • 20 Replies


Throwing Away Your Piggy Bank

by shannon on October 19, 2012

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Go ahead and smash your piggy banks. Okay, please don’t smash them. The mom in me doesn’t want you to hurt yourself or clean up the mess. But the sentiment remains the same—it’s time to throw away your piggy banks. They are not effective money tools.

I’m busy working on my new workbooks, and one of my tips is to throw away your piggy bank. Let’s face it—most of us had one at some point in our life. Do you remember what you did with it? Most likely it sat on your dresser, collecting dust. Occasionally, you randomly threw in a coin or two then forgot about it.

It’s hard to stay disciplined—no matter how old or young you are—when your money doesn’t have a purpose. This is why piggy banks fail. There is a better way to teach kids how to save money, and it starts by giving purpose to your money. What do you want your money to do for you? It’s how I taught my girls to think.

“It’s hard to stay disciplined when money doesn’t have a purpose. This is why piggy banks fail.”
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Every year we set family and individual goals on how we plan to save, spend and share our money. When we’re at the store and my girls clamor for the latest toy, I remind them of the family vacation we’re planning. Now I’m no longer the “mean mom” who always says no. I’m the “fun mom” who oohs and aahs with my girls over all the wonderful things they find, even though we ultimately agree our family vacation is more important.

My workbooks will be available in November and will provide you with the curriculum and tools to teach your children how to handle their money confidently. You can start now by throwing out your dusty piggy banks, and the idea that money belongs in a locked vessel without any goal or purpose. Reread The Heavy Purse and discuss how you plan to save, spend and share your money as a family.

And yes, if you truly love your piggy bank–please keep it. But place a sticky note with a goal written on it to give a clear message that all money has a purpose.

by on Feb. 11, 2013 at 2:32 PM
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Replies (1-10):
Mom2Boys9501
by Member on Feb. 11, 2013 at 3:08 PM

 Can't do that. I not only collect them but actually use them. Granted I had to go open my own personal account so I wouldn't keep taking money out of the pig(s) but I still use them to throw money into every week.

kjbugsmom1517
by Member on Feb. 11, 2013 at 3:23 PM
I love the giving money a purpose idea. I hate tellin my kids no but maybe if they had something in the back of their minds we r saving for maybe they would accept it better. Love it! Now to think of a goal :)
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baconbits
by Bronze Member on Feb. 11, 2013 at 4:37 PM

 Ours has a purpose. Everything that goes into it we use for our week of vacation at the fair. It's a pain free vacation.

Juniper53098
by on Feb. 11, 2013 at 11:01 PM

My kids put money in their banks whenever they get money.  Then, periodically, we all take it to the bank.

SweetLuci
by on Feb. 12, 2013 at 8:26 AM

 I think they're a good idea for kids. It worked well for us.

elizabooks
by Member on Feb. 12, 2013 at 1:21 PM
1 mom liked this
I don't think they are as bad as you protray them. My daughter has six: one for each us coin and bills, along with one for other country coins. I have two: one for coins and the other for bills. She knows that her banks must be filled at least 4x before she can go to Disney at age six. Sheknows that if they are not, she cannot go.
This was done when I was a kid as well. In fact I don't know anyone who did not fill thier banks with out a goal in mind.
flowerfunleah
by Member on Feb. 12, 2013 at 1:29 PM

Hmm interesting!

pattya925
by on Feb. 12, 2013 at 7:40 PM

 My son uses his for savings... and yes he sets specific goals.

allyn9
by Carey on Feb. 13, 2013 at 12:04 AM

... could toss ours away.  Love tht they are around as a constant reminder to save toward a goal. 

slw123
by Member on Feb. 15, 2013 at 4:01 PM

The kids have 'Save, Spend, and Give' envelopes.

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