Piggy Banking for Adults - Personal Finance Article

By:Ajeet Khurana

In the course of life, many lessons are learnt. Some of these lessons are learnt in Chemistry class. Others are studied just before the exams. Yet other lessons are learnt outside our classrooms.

We learn to be less naive and a lot more careful. We learn to become more disciplined and determined. We learn the importance of being earnest. We understand the need to be honest and to be a person of integrity. We are made to learn many lessons. Among these is the one where we learn about the value of money.

Remember how we saved up little coins in piggy banks of various shapes and sizes? Birthday gifts from loving uncles and aunts traveled into the piggy banks, as did the earnings from different errands that we ran. Coins and notes that met us along the road also found their way into the piggy banks. After days and days, only when the piggy bank got heavy, did we finally decide to smash it. Then we spent hours thinking of how we should be spending that money. We wanted to get the most out of it. I think that is how a lot of us learnt about the value of money.

If you are in the process of teaching your kid the importance of money, and he is a little big for piggy banks, get him a savings account. It is a good way to give your child an appreciation of the value of money. Put some money in the savings account, give your baby a passbook, and watch him start managing his money bright and early.

This will be a much better bet than yelling at your child for having no idea of the value of your money. He will have no idea of the same if you do not give him a fixed budget. If you continue to complain, and simultaneously indulge him with the most expensive gifts, this is a lesson that cannot be taught properly.

How do you find a good enough savings account for your child? Now, that is not the hard part. Banks everywhere are keen to get younger and younger customers. "Get them young", as they say. This is the age group that they are currently looking at so as to build brand loyalty.

Just look around for some good savings account plans for children and select the one that seems like the best choice. Not only will a savings account teach your child the value of money, but it might be early training for a future accountant.

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