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.
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.