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.
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