Ah, the piggy bank. Sweet emblem of childhood, swelling with pennies stuffed in by plump fingers. But as a money storage container for little kids, the design stinks. Our son got one at four years old and loved it, daily enacting this cycle: put money in; pull bottom tab out; re-insert the coins; pull out again; scatter all over the house. It was so toy-like, and the highlight seemed to be interacting with the slot. His chief form of income was birthday money from grandparents, who have a tradition of giving $1 to a 1-year old, $2 to a 2-year old, etc. Alas, dollar bills don’t easily go through the piggy bank top slot, nor do they jingle (to his dismay). It was time for a better solution.
Opinions differ on the optimal age to introduce young children to money – savings, discretionary funds, allowance. We came to the situation reactively: our two oldest kids already had money but neither a good place to store it nor a good handle on what it was for. But at ages 5 and 3 years old, they were ready to begin learning and stewarding.
So my husband and I bought clear plastic containers, designated three for each child with different color lids, and labeled each with “to give,” “to save,” and “to spend” beneath their name. Then we helped our children lay their money out on the kitchen table and divide it between the three containers. We explained the purpose of each.
1. GIVE. We said: “God allows us to have money so we can give some to others who have less than we do. So whenever we get money, we put some into the ‘give’ container so we can give it to the church and the poor. When we get money, the first thing we do is give some away!” Simple, kid-friendly verses we teach related to the ‘give’ container are:
- “Blessed are those who are generous, because they feed the poor,” (Prov 22:9) and
- “Honor the Lord with your wealth and with the best part of everything you produce.” (Prov 3:9)
2. SAVE. We said: “God teaches us to be wise with our money and save some for later, when we may need it. So whenever we get money we put some into the ‘save’ container where it can grow over time into a bigger amount of money.” Simple, kid-friendly verses we teach related to the ‘save’ container are:
- “The wise man saves for the future but the foolish man spends whatever he gets.” (Prov. 21:10) and
- “The earnings of the godly enhance their lives” (Prov 10:16)
3. SPEND. We said: “Some of the money you get you can spend. We put some into the ‘spend’ container so when the ice cream truck comes by or there’s a special toy you really like, you can use your ‘spend’ money to buy it.” There aren’t any simple, kid-friendly verses on the ‘spend’ concept; thanks to the fall, we’re generally born knowing how to prioritize our own wants and needs first. (The closest might be a verse like Ecclesiastes 5:18 about enjoying the life that God has given us, which might be apt for a kid overly focused on savings and unwilling to ever spend any money, but this challenge is likely more the exception than the rule.)
The “give | save | spend” containers have been a great improvement on the piggy bank at our house, and now our children are gaining a handle on the ways that money should be used. Once put in, money stays there till it’s used. Underneath it all is the foundational concept that all our money actually belongs to God, and we need to think of it as His money that He lets us keep and use for Him. And be thankful for it, because it’s a gift from God – just like our house and car and food and toys and families are gifts from God. And we talk about and (try to!) model not loving money.
It won’t be long before we’re wading into the waters of allowance, chores for pay (if we decide to go this route), and the like. I see entitlement as one of the biggest challenges we Americans face today, and thus we’ll likely be inclined to tread carefully in this arena, trying to keep entitlement at bay and build gratitude in its place.
In the meantime, we’re trying to provide meaningful, concrete ways that our kids can give to others – things they can relate to in their own world. One option presented itself through the Vacation Bible School our kids attended in June; the daily offering (announced daily from the stage) to fund a poor VBS in a local inner-city provided a great opportunity for the kids to dig into their “give” containers. This Christmas we’ll give a financial gift to the young Tanzanian boy we sponsor through Compassion International, and we’ll talk about getting to bless him and all pitch in to help out.
What are ways that you teach your kids to steward money? What giving opportunities have been most effective for your kids? What are other ways we can build God-oriented financial principles into our children at an early age?
Great article. Why a pig? Because they are fat? How did this trend of putting money into a plastic pig ever get started?