What do you do with your kids piggy bank money?

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What do you do with your kids piggy bank money?

Dd just turned 5 and now she picks something to be saving up for. Currently it is another American girl doll

Re: What do you do with your kids piggy bank money?

Same tradition I did as a kid - we cash it in before our yearly summer vacation and she can buy a souvenir with it.

What do you do with your kids piggy bank money?

Put it in the bank. Has a few grand in there and he can use it for something later in life. Car etc.

Re: What do you do with your kids piggy bank money?

We don't have specific plans. When my 3yo was totally consumed with getting a microscope for a while dh took her to the bank with her purse full of coins and she cashed it in and bought her microscope. It was sweet and she was thrilled so now she's rebuilding her stash. No plans for it bc if we talked much about it she'd want to cash it out weekly.

Re: What do you do with your kids piggy bank money?

Bank account.

What do you do with your kids piggy bank money?

We put it in her bank account when it gets filled up. Every now and then she takes out a few dollars to buy something she wants at the store.

Re: What do you do with your kids piggy bank money?

It pretty much stays in there.
Every now and then she will take some out to buy a small toy

Re: What do you do with your kids piggy bank money?

I told him when it gets filled we can cash it out and go buy a special toy. He's currently hitting up everyone he comes in contact with for spare change

What do you do with your kids piggy bank money?

She gets to cash it in at the end of the year and then it gets put in her bank acct.

What do you do with your kids piggy bank money?

We are teaching him how to save for something he wants - right now its a star wars lego set.

ETA: We let him keep anything under $20 in his bank. Everything over $20 goes into his bank account.

Message edited 3/2/2016 10:31:35 AM.

What do you do with your kids piggy bank money?

I let dd use it to by things she wants but we do not think she "needs".

Re: What do you do with your kids piggy bank money?

What goes in only comes out to go in the bank.

She likes to put her holiday money, birthday money etc. in there and every so often we empty it and add it to her account.

Re: What do you do with your kids piggy bank money?

Real money they get for birthdays and holidays goes into their bank accounts

random loose change and spare $1 bills go in the piggy bank. When it's full we bring it to the bank to cash it in and have it deposited. As a reward for filling the piggy bank and saving the money we go to TRU and pick out a small toy that they think they are paying for with some of their own money but in reality it's coming from me.

Then we take some of the money and donate it to a charity of their choice. They almost always give to the local animal shelter. Again with my money but they think it is coming from their piggy banks and it makes them proud.

Re: What do you do with your kids piggy bank money?

We put all our loose change in my girls piggy banks. We deposit it all into their savings accounts.

What do you do with your kids piggy bank money?

Once a year, we take the kids piggy bank change, take it to the credit union, have them put it in the machine and split it evenly into kids' accounts we created there

Re: What do you do with your kids piggy bank money?

Bank account

Re: What do you do with your kids piggy bank money?

Until recently, nothing.

Now? Pay library fines

She just paid $7.80 in fines for not returning her books for 3 weeks. Yes, we drive. Yes, she can't exactly return them without us. But she continually avoided it, misplaced the books, when asked if we were going to the library to return them she found other things to do, etc. So the fines piled up. When explained that it would cost her she said she'd pay for it with her money. I finally gave up and turned them in myself. A few weeks went by and we went in this weekend to pay the piper his due. Man.. I was NOT expecting that cost. It took all the money from her wallet and she 'borrowed' the rest from us. To which she immediately returned to us when she got home.

Because money doesn't grow on trees. You must repay your debts. Even to us.

She still has about $140 set aside for Disney but we won't let her use it there. She wants to save it to buy a cat. LOL

I think we'll let her 'pay' for some of her Summer camp this year. $2 a week? for all 8 weeks will be like $16. We are paying $515 and auntie is picking up the rest of the $440 for her.

At 7, I think it's more than the right time to teach that money is earned, saved and carefully spent. She knows big things cost lots of money and it takes time to save up to get to things like Disney in November.

Re: What do you do with your kids piggy bank money?

Right now, nothing. My DS just loves collecting coins and telling us what they are (penny, nickel, etc).

Once he's a little older we will let him use the money to buy something of his choice.

Re: What do you do with your kids piggy bank money?

It all goes into the savings account for him.

Re: What do you do with your kids piggy bank money?

Re: What do you do with your kids piggy bank money?

It goes into the bank.

Re: What do you do with your kids piggy bank money?

We usually save it up for our vacations. It is his spending money.... When it gets full we cash it out and I buy gift cards. He has a savings account for birthday and holiday money.

Re: What do you do with your kids piggy bank money?

We move it every few months into their brokerage accounts. We explain to them why the money comes out of the piggy bank and why we move it into their account. We show them how well the account is doing / stock choices,etc. At 5&7 they have a wonderful (age appropriate) understanding of how money works, how to invest and spend wisely. We do not spend any of that $, they earn toys and money from us through good Behavior and grades. Mainly because it's money given from us/ family/ tooth fairy and so on , we don't want that being spent on anything

Message edited 3/3/2016 1:55:48 PM.

Re: What do you do with your kids piggy bank money?

Right now, DD is only 2.5, so ours is only used as a fine motor development skill.
She likes to practice putting the coins in the bank slot. We do that a couple of times a week. When she gets older and earns her own money, we will put it in the piggy bank and she can use it to make purchases. I'm thinking it will be mostly used for purchases she will buy toys with.