Money Savvy Banks Review (Money Savvy Generation)

Money Savvy Banks
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EDITOR'S REVIEW
OVERALL EDITOR'S RATING:
What It Is

Change the way you see, use, and save with piggy banks. Money Savvy Banks are piggy banks for the 21st Century kid. Through the four separated chambers of each bank, and some parent participation, kids learn valuable money management skills that they can utilize their whole lives. 

The banks are available as traditional pigs in one of four translucent colors or a plastic chrome finish. But other styles include a football, soccer ball, and cow. Each is sold separately. They all have the same four sections, with space for adding a picture sticker to denote the goal of each section. Stickers are included, and kids can draw or write on the blank ones to make their own goal.

The first section is Save. Kids pick a savings goal (such as a TV or pet), stick the sticker on the bank, and then put their money in the Save slot. When that slot gets full, twist open the Save slot on the bottom of the bank (which was tricky to do on some models), and take the money to a real bank to open up a savings account so kids can earn interest on their money. Kids continue to put money in the Save section and deposit the money from that section into their savings account once a month. 

The next section is Spend. Here is where kids place money that they want to spend on less expensive items, such as snacks or a video game. Choose one of the goal stickers to place on the pig and put the money in the Spend slot. The Money Savvy guide provides savvy shopping tips, such as making a list and comparing prices.  

The Donate section helps kids help their communities. Choose a charity to receive the money that goes into this section of the bank, and maybe even offer up a gift of time, as well. The Money Savvy guide provides information about picking a charity.

The last section is Invest, and it differs from the Save section because investing is all about more expensive, long-term goals, such as college or a car. Parents will need to help kids with this part because it involves finding a company to invest in and buying a share of stock in that company. You'll find more information on how to do this in the Money Savvy guide.

Is It Fun?

There are a lot of good benefits to using a piggy bank like this: it puts kids in control of their money, it makes money management habits interactive, and it encourages parent participation. We like the Money Savvy banks that are see-through because it really gives kids a sense of how much they've got in each section of their bank, which makes it all very exciting to watch their money grow. In terms of "fun", kids aren't going to be playing with these banks as they would a traditional toy, but it is fun and rewarding once kids reach a goal and have enough money to buy something or donate to their preferred charity. And as much as these piggy banks are for kids, we think these could even help adults with their money habits. 

Who It’s For

The Money Savvy banks are for ages 4 and up.

What To Be Aware Of

There are several styles of Money Savvy banks, and each one is sold separately.

AT A GLANCE:
  • Fun

  • Repeat Play

  • Assembly & Instructions

    None or Very Easy