Funny and quirky savings banks are a great way to encourage saving for children. Getting a child to put coins in the piggy bank slot, before they are old enough to know what money or savings are, is an excellent way to start them off. It can be easy to get them interested and keep that interest in saving as the grow older.
Money banks are not a new concept. For years they have been modelled on favourite toys and characters and can be easily found in stores and on market stalls. The novelty side of the piggy bank market has grown and the choice has expanded to include some very amusing and eye catching models. Anything that attracts the child's attention and keeps them interested has to be good.
These money banks which come in all shapes and sizes are used the world over by individuals and those collecting for various causes. Children appear to have a fascination for placing coins in slots and encouraging them to do this with charity boxes helps to enforce the piggy bank habit.
As the advertising world is well aware incentives are a great way for promoting a product whatever it is. So by agreeing with a child that when they achieve a certain target with their savings they will receive a reward, it is encouraging them to save. Praise them when they reach the target and ensure the target is achievable.
Children often have bank accounts as gifts when they are born. Gifts of money for special occasions throughout the year are not unusual. If these money gifts are deposited in the savings account, they can sit back and watch their savings steadily grown.
To establish a habit of saving in childhood that will continue on through to adult life, parents should set a good example. Putting all their loose change into a box or bank and letting a child do it for them helps to instill the practice of saving into the child's life style.