How to Teach Children Budgeting? Budget Tools with Piggy Banks Introducing the 3 little piggy banks It may be time to rethink that piggy bank perched on your child’s dresser. Experts say a piggy bank—or three of them—can help teach children as young as 5 or 6 the cornerstone of financial literacy: to save and manage money. Give children three piggy banks Every time your child gets cash, whether it's an allowance or birthday money, she can allocate a percentage to each piggy bank. the first bank collects money for spending These are the funds that children get to spend as soon as they want: pocket change for sweets, small toys, or apps for a parent's tablet or phone. the second bank collects money for saving This is the cash children put toward a more expensive item. Some younger kids may find it helpful to write their goal down or paste a picture of the item near the bank as a constant reminder. the third bank collects money for giving When it comes to giving, kids tend to get excited about helping nearby students (for example, donating school supplies) or the environment (specifically, helping cute endangered animals), so consider letting your child help choose a cause.
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