Recently, my husband and I went through a program offered through our church that helped up get our finances in order. We learned so much during this course about money management that we realized we should really start teaching the kids some of the basic principles.
Our kids are 6 and 4. We’ve begun giving them jobs to do in the house and each week they get a commission. My 6 year old earns $4 a week and my 4 year old earns $2. We’ve talked to them about tithing to church so the first thing they do is decided how much to they are going to give to the church and then the rest goes in their piggy bank.
My son is always saving for something, whether it’s a new toy or most recently a new pet. (Don’t get me started.) When I had the opportunity to try out the Zillionz Savings Goal ATM I knew it would be perfect for my him.
The ATM is really quite neat. When you initially turn it on you enter the child’s name and the money goal they are trying to reach. You also will need to pick out a 4-digit pin number for your child to use in order to be able to deposit or withdraw money and just like an actual ATM, that pin only works when you put in the included ATM card. Every time your child puts their card and pin number in the ATM will greet them on the screen with their name. Pretty cool.
When your child reaches their goal it will notify them and allow them to withdraw their money. The ATM will only let them withdraw the amount of money that they have deposited which is a great lesson. My kids often think the ATM is a never ending well.
Now, the downside is unlike current ATM’s, that will verify the amount that you are depositing, this one will not. That means it’s easy for the saved amount to get skewed. It does however, allow me to practice how to count money with my son, something that he is learning in school right now.
It can also be broken into easily, so it’s a good idea to put it away if your child is having friends over. That way it won’t be a temptation for them to take the money out and play with it.
In all, I do recommend this for your older kids. It’s a great learning toy and can lead to some great financial conversations with your kids.
Zillionz Savings Goal ATM
Retails for $29.99
Available on Amazon.com