Yet another post about fun resources and games for kids to help with their financial education. Keep an eye out for the next one!
Congrats to the father that designed the Little Money Bags online money game. He even drew the mascot, Earnest, the cutest, sweetest, pinkest, plumpest pig ever! ;o) You won’t believe what this Dad has created!
It’s an online virtual piggy bank that helps kids manage their money. Honest! Just picture a cross between a childhood piggy bank and an online banking account. It is powerful yet easy to use and has many advanced features like direct deposit and online transaction histories.
Little Money Bags is every bit as versatile as regular piggy banks when it comes to supporting different parenting styles. It allows parents to decide what works best for their children whether it be allowances, payments for chores, or any other system.
It’s SOOOO simple to set up, too. After signing up for a family account, you set up piggy bank accounts for each of your kids. There is an annual subscription fee of $12, but that’s for up to six accounts per family. Not too bad!
Then you can make ‘virtual deposits’ into the accounts for things like allowances and chores. A ‘virtual deposit’ involves no real money; it is akin to an I.O.U. from you to your child. Your kids are able to log into their individual online piggy bank accounts and see their current balance as well as transaction history, just like a real bank account.
When it comes time to get money out of the piggy bank, your child fills out an online withdrawal form and then comes and asks you for the money. Likewise, your child makes deposits by filling out a deposit form online and giving you the money. Isn’t this just awesome! ;o)
Make sure you provide an “ATM” envelope stocked with a small amount of cash that kids can use when making smaller deposits and withdrawals. Instead of coming to you for money, they can take money from or put money into the “ATM” envelope. Again, just like a real account.
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)