The Money Savvy Piggy Bank Will Teach Your Child the ABC's of Saving and Investing

An article published in November 2009 by the Philadelphia Inquirer stated that a new pilot program to teach finance classes to high school seniors would be launched in certain districts of New Jersey. Finance courses that cover such topics as budgeting, saving, investment and credit scores would be a requirement for seniors to graduate. This new initiative is undoubtedly due in no small part to the current U.S. Secretary of Education, Arne Duncan, whose assertion that the well-being of America's economic future is predicated on the current generation's quality of education, one facet of which is financial literacy.

Can I get an amen?

Adding classes about money to the core curriculum in schools is a stellar idea whose time has come frankly thirty years too late. But it's better late than never. Teaching concepts such as goal-setting, saving, balancing a check book, and knowing how credit works is common sense knowledge that every person should be armed with, most especially young people as they learn the basics of Mathematics, English, Science, and so forth. I want my niece and nephew to be part of a more financially knowledgeable and responsible generation, which is why I got my 14-year old nephew a subscription to Money magazine for Christmas and the Money Savvy Pig for my 10-year old niece.

What's the Money Savvy Piggy Bank?
The Money Savvy Pig is a piggy bank with a pretty clever twist. Like many great ideas, the genius lies in the simple concept. Unlike the traditional piggy bank, the Money Savvy Pig is divided into four chambers with four separate coin slots, each with a distinctly labeled and designated management choice for your child's allowance money: Save, Spend, Donate, and Invest. It's a great educational tool that allows children to understand realistic money management skills, and it does so on their terms.

The "Save" portion for instance, is money allocated for the rainy day emergencies, while "Spend" is money earmarked for a specific short term goal in mind, say, a new video game, iPod or whatever. "Donate" is self explanatory and while "Invest" is the more long term concept that children find generally harder to grasp, its early introduction ensures that it's a topic not to be ignored.

The Piggy Bank is also a great interactive tool, providing parents the opportunity to get involved with their child through a sheet of enclosed goal-setting stickers. Also enclosed are very easy, age-appropriate instructions that the child can read alone or with a parent. Each of the four chamber options is explained thoroughly, but with easy language. Involving the parent can encourage open discussion and help shape a child's choices, and thus, his values and attitudes toward money saving. But better still, if done correctly, it just teaches good money management habits early.

What Else Should I Know About the Money Savvy Piggy Bank?
The bank measures 8.5 inches long and is 6 inches in diameter. The coin slots fit all coin sizes, including dollars and Canadian coins and each chamber empties easily through a separate foot in the pig. The Money Savvy Pig is made of a hard polystyrene plastic and comes in five translucent colors: red, blue, green, pink, purple, and a non-translucent platinum edition style. The translucence is a wonderful visual for kids to see their money grow.

The Money Savvy Pig was created by Susan Beacham, founder of The Money Savvy Generation. If you go to the website, www.msgen.com, you can look up more information about this and other products to get kids money smart. Prices range from $16.99 to $19.99. It's also available on Amazon, but if you google it, you may be able to find a better deal elsewhere. The old-fashioned piggy bank with the single coin slot has always represented a simplistic form of savings for kids. The Savvy Pig updates the purpose of a piggy bank without complicating finance concepts or alienating kids, and best of all it educates children to be more financially responsible while making it fun.

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Sources:

www.msgen.com

The Philadelphia Inquirer, online article, November 2009