Kids & Saving

MoneySavvy Pig & Cow

MoneySavvy Pig

I love these segmented banks, which I bought for my daughters a while back. They’re from MoneySavvy Generation, a Web site created by Susan Beacham. I interviewed Susan for a Parenting magazine article about allowances, and thought her banks were a great idea so I ordered them the next day. (This company also has segmented banks.)

Each bank has a slot for “Spend”, “Save,” “Donate,” and “Invest.” (We’re not really using the “Invest” slot yet, but we will.) When the girls get their allowances, the deal is that they must put SOME money in each slot. We talked about it ahead of time, so they have a regular plan for how much they’ll put in each compartment. Greg and I didn’t tell the girls how much goes in each slot; we wanted them to make that choice.

Boomers can learn from their parents’ money habits

A June 2008 study by the market research firm Matthew Greenwald and Associates reveals that our parents attribute their ability to live comfortably in their retirement years to
* Avoiding credit card debt (81%)
* Having an emergency fund (86%)
* The ability to save well (79%)

Have subsequent generations followed suit? Read a good overview here. Or if you’re a detail person who wants the whole study, it’s here.