Did you know that a piggy bank for your kids has an immense impact in their adult years?
The piggy bank.
This contraption has for generations been an endless source of happiness and grief for kids, in equal measure. It’s full of lessons – and it’s an instructional aid in the financial maze the kid will inevitably find himself growing into.
A basic piggy will come as a convectional box, with a slit hole. But with time they’ve metamorphosed into interesting figures and figurines – disguised in colorful themes based on comics or fantasy heroes, say Spiderman, or Donald Duck. It’s the coin-slit at the top that matters.
These are lots of ways a piggy bank is beneficial to your kid:
- A piggy bank instills the long-term savings discipline into a kid. Once a kid gets a piggy and some coins, the natural instinct is to insert the coins into the slit. The lesson starts when the kid tries to remove the coins – and fails.
That’s where the piggy bank beats the money jar as an instructional aid.
- It’s easier to teach kids how to have goals, and the saving culture towards achieving the goals. Once a piggy bank is given, set a goal for the kid spaced out at intervals: perhaps a coveted toy to be bought. The kid will show lots of enthusiasm to achieve this.
Fast forward to a few years, the kid will find it easier saving towards that family house.
- A piggy bank enables a kid to focus on financial lessons. Kids learn better with visual cues. The lessons start as early as possible.
Saving is a habit, not an innate ability.
- Allows an avenue in which kids can be involved in day to day spending management talks, and financial management.
For adults, financial management practices are increasingly taking a significant section of their time. It makes sense to have a platform that makes it easier to manage finances from a central point. In the current shifts to manage the global pandemic Covid-19, one of the safer practices is to go cashless.
Co-op Bank clients are a step ahead.
The New Co-op Internet Banking allows clients to access personal and business financial transactions online easily and securely from anywhere, round the clock.
A client can transfer cash from an account to another Co-op Bank account, or a different bank. It’s easy to handle standing orders, paying utility bills, et al. This has really revamped the world of banking.
To join and self-register on New Co-op Internet Banking, click here. One can also visit the nearest Co-op Branch and learn how digital banking has come full circle.
