Teaching our children financial literacy skills is incredibly important. It gives them the strength, knowledge and independence to help them grow as stronger young adults. But how do we teach our children these skills? Money can be such a sensitive topic for people and others may not feel comfortable discussing bills, savings, etc. The tricky part can be in how to get these conversations rolling.
Image from VirtualPiggy.com
(previously Virtual Piggy) is an online piggy bank where children and teens can safely (and securely!) spend, save their allowances, create wishlists, donate and more. Most importantly, Oink
opens up the door of communication so we can have these important financial chats with our children (that do not always happen when we give them their allowance in cash and they disappear quickly and I speak from experience there – never seen a nine year old run to his room so quickly before!).
has set up quite a few safeguards for children when it comes to spending. A parent must first set up their own account linking it to their child’s account. Parents can then set a number of parameters depending on the age of their child, the amount of independence they feel is right, etc. Parent’s can set up funding goals, choose how much a child can spend in a single transaction, how they are alerted for these transactions and if approval needs to be given before these transactions can go through. Oink
works with kid friendly retailers online and when your child goes to make a purchase they simply click on the “Virtual Piggy” at checkout. This video by Oink
really helped walk me through the whole concept and understand our accounts better.
I love how Oink
not only allows my son and I to have important financial conversations but also how it empowers him to make good financial decisions on his own. I was quite proud to hear him say that he did not want to spend all of his money on one toy because then he would have nothing left! He wanted to save a portion of his allowance and the other part he would save until there was something he really wanted. Oink
gives him the tools to independently save his allowance, create a wishlist that we can go through together (you know all those “wants”) while still allowing me to monitor from a distance to make sure he is safe. It allowed me to feel confident in his choices and help us to speak more freely about money and budgeting for our wants and needs.
The best part of Oink
? It is 100% free to use! Yes you heard that right! Both the child and parent account are completely free to use, save and spend online!
You can also check out their website which has a wealth of financial knowledge and tips. They have great tips on starting money conversations when paying bills or shopping along with helpful resources for families. You can also keep up to date with them on Facebook
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Disclosure: I received no monetary compensation for this post. All opinions expressed are my own. The only compensation from this post is the giveaway for you my readers.