7 Smart Monetary Gifts for Kids

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Piggy Banks

Piggy banks have been a great practice in saving money from a young age. These banks can help teach kids about managing money, saving and discipline against impulses of wanting to take money out by withdrawing and spending the money from the glass structure by breaking it.

Some parents believe in giving their kids an allowance and saving their money in piggy banks.

Other parents use several piggy banks for their children to pick and choose between specific goals such as savings, vacation, toys, or donations.



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Savings Bond

Some kids may be impatient at the notion of not being able to cash in on the bonds immediately; but once they’re older and the bond matures, they will understand why patience is a virtue. This type of bond will assure them that they will have some money coming their way in the future.

This gift is smart because it is timeless and can be put away for unexpected financial pitfalls in their adult years.


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529 Savings Plan

Parents are always worried about how they will pay for higher education for their child. This college savings plan is a great gift to give as the money is tax free and available to draw on once the child goes off to college.

This option is great for those who shy away from purchasing bonds or buying investments on behalf of the child.


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Books are always a great gift and tool for kids to learn from. There are many fun and interactive books tailored around money and finance for kids. Amazon books is a good online resource for purchasing children’s books as well as any local bookstore that have books on the subject that will hold their interest.

Here are a list of books MyBankTracker highly recommends for kids.


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Board games such as Monopoly and Life are great hands on tools that teach lessons about money and real estate which is also a fun and educational way for them to learn about finances.

Here are a list of games that could help kids learn about money.


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Show Them the Money

In teaching kids how to wisely use their money, it may be a valuable lesson for them to manage their own money and know what it feels like to pay for something on their own, such as a toy or treat. When they ask you to buy them the next hottest toy, it's important for them to learn that they've spent their money and to save for their next goal.



Financial Advice

If you’re well-versed in financing or investments, pass these jewels along to your kids. It’s important to discuss impulse spending, saving and most importantly avoiding getting into debt.

You can even seek out additional advice from a professional. If you have a good relationship with your personal banker or financial planner, have them sit down with your child to teach them about money. Some may be willing to meet with them for free or small fee.