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Taking money out of the kids piggy bank?

Posted by on Dec. 18, 2012 at 11:43 AM
  • 18 Replies

 My son is almost 2, we have saved all of the money he has gotten as a gift in his piggy bank. He has to have over $120 by now. I was wondering what you do with the kids piggy banks? Fill them and put it in the bank? Let them spend it on things they want, or buy things for them with the money? I always remember stealing money out of mine as a kid, which is making me wonder, what it the real meaning behind the piggy bank?

by on Dec. 18, 2012 at 11:43 AM
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Replies (1-10):
christina0607
by on Dec. 18, 2012 at 11:44 AM

My kids have to save 75% of anything they got. Be it $10 or $300. They ahve bank accounts to save this.

olliesmommy2
by Bronze Member on Dec. 18, 2012 at 11:48 AM

 I like that idea. We have a savings account, but it looks like we need to set up one in his name.

Quoting christina0607:

My kids have to save 75% of anything they got. Be it $10 or $300. They ahve bank accounts to save this.

 

christina0607
by on Dec. 18, 2012 at 11:50 AM

Honestly though, at the age of 2...we saved %100 of everything they got as gifts. I think when they were 6ish is when we out into effect the 75% rule.

Quoting olliesmommy2:

 I like that idea. We have a savings account, but it looks like we need to set up one in his name.

Quoting christina0607:

My kids have to save 75% of anything they got. Be it $10 or $300. They ahve bank accounts to save this.

 


Make someone happy today, mind your own business.

aimhawk
by on Dec. 18, 2012 at 11:51 AM

She has two piggy banks in her room, the only money that gets put into them are coins made in her birth year. Since she turned 5 this year and we felt it was a BIG birthday we let her cash in one full bank to buy whatever she wanted.

JennyCaps
by on Dec. 18, 2012 at 11:52 AM

 DS is only 3 so we just let him buy his own present every couple months. He already has multiple savings accounts so this is just his fun money :) He loves taking his piggy bank to the CoinStar and then picking out his own gift! I'm sure when he is older we will have him save half but for now is just fun.

nurbabe82
by on Dec. 18, 2012 at 11:56 AM

 B/W the ages of birth to 4 or 5 we saved 100% of the money for him. DS is 6 now and we split the money so he can spend some and save some. How much he is allowed to spend and has to save depends on how much money he gets at Christmas and birthdays.

coolmommy2x
by Ruby Member on Dec. 18, 2012 at 12:01 PM
I used to work at a bank so my kids are used to putting everything there. It's easy for DS, he hates spending his own money. LOL! Actually neither has asked me to keep their money, they just give it to me to deposit.
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erinsmom1964
by Ruby Member on Dec. 18, 2012 at 12:08 PM
Erins goes into her savings acct. Right now everyone in the family puts all their change in them and all monies sent by her grannie go in there to. It really adds up.
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MsRkg
by Bronze Member on Dec. 18, 2012 at 12:11 PM
We got our son a checking bank account with an ATM only card. He is free to deposit and spend from there as he wishes. I taught him how to save and budget and if he wants something small he can buy it on his own.
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terpmama
by Gold Member on Dec. 18, 2012 at 12:13 PM
My son just turned 4 and he got a piggy bank, wallet and allowance for his birthday. It's a great piggy bank that has 4 slots. Spend, save, donate and invest... His allowance is done in change.... So his base rate is 4 quarters, then he can earn more through extra chores (helping with laundry, wiping windows...) each of those is paid independently (saw he gets a nickel per window and he does 5 windows.... He gets 5 nickels not a quarter.) then he gets to decide where he puts his money in his bank.... Most of the time he puts about 30% in spend and the other 70 in the other 3...
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