The New Piggy Bank

by Jodifur on November 28, 2012

Michael has this wonderful habit of losing things.  And in doing that, he makes me lose my mind.  But I realized what part of the problem was, he didn’t care.  He thought I would just buy him everything he lost.  So earlier this year we started a system in which he could earn some money and pay me back for all the things he lost.

That is a Melissa & Doug Deluxe Magnetic Responsibility Chart. (affiliate link) And Michael earns 25 cents for each “smiley face” he gets.  At the end of a week he can be given the money, split it with me, or give it all to me.  So far he has chosen to give it all to me, and has gotten down about $40 of his $100 debt.  I haven’t told him yet, but when he gets to $50, I’m going to offer to call it and just split it with him.

Teaching kids about money is hard.  Michael doesn’t really want for much.  And because he is an only child, I am very cognizant of raising a “spoiled rotten only child” and all those other stereotypes.  I want him to understand that he can’t have everything he wants.  I want him to understand that he has SO MUCH, and other children do not.  Before every Hanukkah and birthday we clean out his toys and give to the “girls and boys who do not have toys.”

Enter Virtual Piggy.  Virtual Piggy is the safest way for children to save, spend, and give online.  With Virtual Piggy, parents can enter their credit card information, children can shop, but they never have access to the information.  Children also can create a wishlist, and give to charity.  I love that Virtual Piggy has parental Controls, which include:

  • Set monthly allowance amounts, savings targets and charity goals.
  • Require approval on every purchase your child makes, or just some of them.
  • Set a maximum limit per transaction, per day or per week.
  • Restrict which merchants your child is able to shop at.

Virtual Piggy is hosting a Win Your Wishlist Contest from 11-12 to 12-7.  Also, check out their MVP program.

This is a sponsored post from Splash Creative Media on behalf of Virtual Piggy. All opinions are my own.  


Dawn November 28, 2012 at 12:49 pm

This seems like a really interesting idea. I’m in the beginning of teaching my daughter the value of things (especially since she broke the finger off of the Ghost of Christmas Future less than 15 minutes after I had it out of the box for the very first time OMFGWTFBBQ) so something like this might help augment the lessons at home. I’ll have to check it out!

jenn November 29, 2012 at 12:31 am

huh – now this has merit. We just getting into allowances and dividing up her money into Save, Play (Spend) and Donate (into milk bottles – really). Not sure we’re ready for this yet, but it’s absolutely something I could see using in the next year. Glad to see it’s starting to keep Michael’s debt down :)

Hope December 21, 2012 at 12:04 pm

Do you think Michael’s new responsibility is starting to result in fewer lost things? Or do you think it will take some more time?

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