When we started giving our eldest son an allowance, we bought him a small, plastic, three drawer container in which to store it. The three drawers were designated "Save," "Spend," and "Charity." Every time he received allowance, he divided it amongst these three categories. It's a common practice among parents, and now you can add a little style to the system with Mudpuppy Money Banks.
Each cylindrical bank is divided into three compartments, already labeled "Save," "Spend," and "Share" (they are much better at alliteration than we are). The banks are super affordable at $13 a piece, and they come in myriad different patterns (robots, garden, under the sea, pirates...). But by far, by very, very far, the best part of these banks? They have locks with keys and absolutely NO circular rubber plugs that you have to pry out of the bottom. That alone is enough to win me over.
The company claims their banks are suitable for ages 5+, but since they mimic a traditional piggy bank shape with coin slots, we think you could start using them much sooner. Although your toddler might not understand the concept of saving or sharing, it never hurts to expose kids early.
Do you have a system for helping your kids manage money? Let us know in the comments!
Read more: Mudpuppy Banks ($14)