Of course your child’s place to keep his or her money doesn’t need to look like a pig (though they are cute).
Pig or not, we like banks that have two different qualities:
- Transparent. With this kind of bank, your child can see his or her money grow as it stacks up inside the bank. You can find these at most craft stores, or online. We especially like transparent banks that have different compartments inside so that your child can decide what to do with his or her money (most have sections for “Spend,” “Save” and “Donate”).
- Customizable. We’re not talking about a bank you order so your kid’s name is on it. We mean the type of bank that your child can decorate him or herself. This gives your child ownership of the bank. They make it their own in whatever way he or she sees fit. So if your daughter wants fish with neon blue and yellow stripes, let her have at it – as long as she doesn’t completely block the view of the money inside. Your child can customize a clear plastic bank with paint markers, found at your local craft store.
Even though your child will be able to see money stack up inside the bank, we still recommend that, together, you keep track of that money in a small notebook kept next to or under the bank. This will help if your child is saving for a specific item or goal. Plus, when he or she is ready to switch to a bank account, your child already be familiar with the money tracking process for when he or she will learn to balance a checkbook.