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Like many kids, our children have a Piggy Bank in their room that my husband and I started when they were babies. Admittedly, I’m not consistent about when and how they earn those coins. Lack of consistency also means a virtual free-for-all when it comes to items they want like toys and games. With my son starting first grade soon and the need to slowly increase his responsibility, we’ve decided to introduce the idea of an allowance. Most of my friends with children my son’s age (and younger) have at least started to expect small tasks such as putting away toys and clothes and we plan to have a regular chores schedule in place when the school year begins. Our hope is that this system of earning an allowance will instill a sense of responsibility and the beginnings of work ethic within him.
Given that we live in a highly tech-centric world, it’s not surprising that someone would invent the virtual equivalent of a piggy bank. But Virtual Piggy, is more than an online depository. The site gives parents and their children the tools needed to learn how to responsibly manage, track and spend money.
Both of my children have been online for at least one year, and from time-to-time, the topic of buying something (apps, decorations for his igloo on Club Penguin, the latest LEGO set) arises. Traditionally, if our children have been behaving and doing well in school, we’ll agree to these purchases. But as my son (in particular) gets older, I want to teach him to be wise with money, delay gratification, and appreciate the rewards of working hard.
Last week, we set my son up with a free account on Virtual Piggy. The concept of using technology to teach children to be smart with money, even from an early age, is brilliant.
Once we plugged in some basic information (name, address, etc.), we were asked to provide a source of payment. I opted for a credit card but families can use a debit card or PayPal as an alternate form of payment. Simply set up a profile for each child including a monthly allowance, saving goals, and spending controls, and your child is ready to shop at one of Virtual Piggy’s approved stores (I personally hope to see a more expansive selection of retail partnerships).
Parents get final approval on all purchases which is one of my favorite features of the site. Additionally, parents can monitor their child’s spending, requests, and wishlists.
I personally love the independence the site fosters within children while still maintaining a safe, controlled environment. The tools offered on the site can spark conversations between parents and their children about saving and spending money wisely. And through Virtual Piggy’s charitable partnerships, families can also dialogue about the importance of giving back.
While I’m very comfortable with my children playing games on our iPad, the internet is a place I have very stringent controls over. I worry about keeping my children’s identity secure and I appreciate the fact that Virtual Piggy is certified by the Children’s Online Privacy Protection Act which was designed to protect the privacy of children online.
Right now, Virtual Piggy has teamed up with Claire’s to offer families a free ticket to One Direction’s movie “This Is Us” with their first purchase on the site. After the initial purchase, additional tickets can be earned for referring friends that open up a Virtual Piggy account.
For more information about Virtual Piggy or to set up a free account, visit VirtualPiggy.com.
Images: Virtual Piggy
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