Teaching Children Financial Responsibilty with Virtual Piggy
I will be the first to admit it. I am horrible when it comes to money. As far as I can think back, money has always burned a hole in my pocket. Things haven’t changed. This is one trait that I do not want to pass along to my children. Thankfully, my better half is better when it comes to the financials so they have 50/50 chance on that one.
Financial responsibility is an important part of raising smart and savvy kids, especially in the digital age. They have easier access more now than ever to make purchases with digital devices and computers. In-app purchases and one click buying can mean that there will be a surprise credit card bill in your mailbox. When it comes to teaching financial responsibility to my children I am going to have to worry about a lot more than guarding the piggy bank or opening them up a savings account.
And that’s where Virtual Piggy comes into play.
Virtual Piggy is the safest way for children to save, spend, and give online. All you have to do is set up a parent account providing information such as your preferred credit card for future purchases and shipping address. Next, create a child account for each of your children. This is where you can establish detailed parental controls like approved merchants, transaction limits, and levels of transaction approvals. No surprise credit card bills in the mail!
A feature that I particularly like is that you can set monthly allowance amounts! You also have the option to require approval on all purchases your child makes, or just some of them.
By using Virtual Piggy, you can empower your child to make their own financial decisions within a budget and controls you set up. It’s a great way for parents and kids to sit down and discuss how to manage their money!
Virtual Piggy includes a Wishlist where each child can add the products they want to either save up for, or receive as gifts. To celebrate the holidays, Virtual Piggy will randomly select ten children to win the contents of their Wishlist {up to a value of $500}. Families can gain extra entries by sharing Win Your Wishlist on social media, and getting friends to register and join. Win Your Wishlist ends on December 14, 2012 so make your Wishlist soon to be entered to win!
Disclosure: This is a sponsored post from Splash Creative Media on behalf of Virtual Piggy. All opinions are my own.
Thanks for sharing! We love Virtual Piggy, and people should definitely get busy pinning-the contest ends tomorrow! (full disclosure I am a part of Splash) 🙂
Interesting way to help kids be responsible. Budgeting is on my New Year’s Resolution list, so I’ll hang on to this for our little one for the future.
I am a huge advocate of teaching kids from a young age to save, spend and give to charity. I have taught programs on it (via my banking career) and encourage folks to buy the 3 compartment banks. This is a great virtual way for kids as well!