Types of piggy banks for kids

Kids 8–12 · Explainer · Updated October 1, 2026 · LearnLife Editorial

What is a piggy bank and how does it work?

A piggy bank is a container where kids can keep money safe while they save for something special. Usually, it has a slot on top to put coins or bills inside. Most piggy banks are shaped like pigs, but they can come as other animals, boxes, or even digital devices. The main idea is to make saving money easy and fun.

The way it works is simple: kids put money into the piggy bank regularly, like coins from their allowance or money they get as gifts. The money stays inside until they decide to open it. Some piggy banks don’t open easily, which helps kids resist spending the money right away. For example, if a child earns $2 a week for chores and puts 50 cents into their piggy bank each week, after 20 weeks, they will have $10 saved. This teaches them about saving little by little over time.

Piggy banks turn saving into a physical activity. Kids can drop money in and see the piggy bank fill up. This visual and hands-on way of saving helps them understand that money grows when they save regularly.

Why do piggy banks matter for kids aged 8 to 12?

For children between 8 and 12 years old, piggy banks are more than just toys—they are tools for building money skills. At this age, kids begin to grasp the value of money and can understand the idea of saving for something they want. Piggy banks help by making saving visible and manageable.

Using a piggy bank teaches kids patience—waiting to have enough money before buying something. It also builds their confidence because they can watch their savings grow. For example, a child might want a new book that costs $15. By saving $1 a week in their piggy bank, they will reach their goal in 15 weeks. This process teaches goal setting, patience, and delayed gratification.

Piggy banks also introduce responsibility. Kids learn to keep track of their money and make decisions about when to save or spend. These lessons are important life skills that prepare kids for managing money in the future. Plus, piggy banks encourage healthy conversations between parents and children about money habits, needs versus wants, and making choices.

What types of piggy banks are popular for kids?

There are many kinds of piggy banks, each with features that suit different kids and learning styles. Here are some popular types:

• Classic ceramic or plastic piggy banks: These usually look like pigs or other fun shapes. They have a slot on top to insert coins and bills but must be broken or opened from the bottom to get money out. This encourages kids to save and not spend impulsively.
• Plastic banks with a removable stopper: These allow kids to open the bank easily when they want to count or spend their money. This gives more control and helps teach budgeting and monitoring savings.
• Digital piggy banks: These have coin counters and small screens that show how much money is inside. Some also keep track of saving goals or send alerts. Kids who like technology might enjoy using these to see instant feedback on their saving progress.
• Multi-compartment banks: These have separate sections labeled “Save,” “Spend,” and “Share.” This type helps kids learn to divide money for different purposes, such as saving for a toy, spending on small treats, and giving to charity or gifts.
• App-connected piggy banks: These link with smartphone apps where kids can log savings, set goals, and get reminders. Parents can also monitor and guide their kids’ money habits remotely.

Choosing the right piggy bank depends on a child’s personality and family goals. For example, a child who likes hands-on activities may prefer a classic bank they can decorate, while a tech-savvy kid might enjoy a digital or app-based bank.

How can parents and teachers use piggy banks to teach money skills?

Piggy banks are powerful tools to teach kids about saving, budgeting, and making money choices. Adults can guide kids through simple steps to get the most out of their piggy bank experience:

1. Set a clear savings goal together. Help the child decide what they want to save for, like a toy, book, or outing. Write it down or draw a picture to remind them.
2. Decide how much to save regularly. This could be a set amount weekly, like 50 cents or $1, or a percentage of allowance or gift money.
3. Encourage consistent saving. Remind kids to put money into their piggy bank each time they receive money.
4. Count and track progress together. Every few weeks, open the piggy bank and count the money. Celebrate the progress and update the savings goal.
5. Discuss money choices. Talk about spending wisely, saving more, or even sharing some money with others.
6. Reinforce patience and delayed gratification. Explain that saving money takes time but leads to rewards.

For example, if a child wants a $30 video game and saves $2 every week, they will reach their goal in 15 weeks. Parents can say, “You’re doing great! After 10 weeks, you’ll have saved $20—that’s two-thirds of your goal!”

Teachers can also use piggy banks in classrooms as part of lessons on money, setting challenges like saving for a class party or charity drive. This turns saving into a group activity and makes learning fun.

What are common terms related to piggy banks that people mix up?

When talking about piggy banks, several related terms come up that can be confusing:

• Savings jars: These are usually clear containers where kids can see their money. They often have labels like “Save,” “Spend,” and “Share.” Savings jars are great for teaching kids to divide money for different purposes.
• Money boxes: Similar to piggy banks but might be plain boxes or containers without a pig shape or slot.
• Coin banks: Usually simple containers for coins only, without any special features.
• Allowance trackers: These are charts or apps that record how much money kids earn and spend but don’t hold physical money.
• Tip jars: Used in shops or restaurants to collect tips, not for personal savings.

Understanding these differences helps parents and teachers choose the right tool for teaching money habits and avoid confusion.

What should parents and teachers do next to help kids build saving habits?

To support kids’ saving habits, adults can take these practical steps:

• Choose the right piggy bank: Pick one that matches the child’s interests and age. For example, a colorful ceramic pig for younger kids or a digital bank for older kids who like tech.
• Set clear rules: Decide together how often to add money, when to count it, and when it can be spent.
• Involve kids in decorating or personalizing their piggy banks: This makes saving more fun and personal.
• Make saving a regular family activity: Set times to count money and talk about progress.
• Teach goal setting: Help kids choose short- and long-term savings goals.
• Introduce money basics: Explain terms like saving, spending, sharing, and budgeting in simple words.
• Gradually introduce more advanced tools: When kids are ready, open a savings account to build on lessons learned with the piggy bank.

For example, parents might say, “Let’s decorate your piggy bank this weekend, then you can start saving for that new board game you want.” Teachers might set up a classroom savings challenge to motivate students.

Where can parents find more creative piggy bank ideas?

Parents and teachers looking for creative ways to encourage saving can explore resources that offer fun projects and ideas. For example, some websites suggest making piggy banks from recycled materials like jars or boxes, decorating piggy banks with stickers or paint, or even creating themed piggy banks tied to a child’s hobbies.

Other ideas include reward charts tied to piggy bank savings or family competitions to save the most in a month. These fun activities help keep kids engaged and excited about saving money.

Some resources also share tips for setting piggy bank rules or how to balance saving with spending and sharing money wisely. Exploring these can help adults support kids in developing financial skills that will last a lifetime.

Frequently asked questions

Are piggy banks only for coins, or can kids save paper money too?

Many piggy banks have slots wide enough for both coins and folded bills. Kids can save paper money like $1 or $5 bills along with coins. Saving different types of money helps kids practice handling real cash and understand its value.

How can parents help if their child spends money from the piggy bank too quickly?

Parents can set spending rules, such as waiting a week before using saved money or only spending after reaching a savings goal. Talking about needs versus wants and encouraging kids to save more than they spend helps build good habits.

What if a child wants to save money but doesn’t get allowance or gifts?

Encourage kids to earn money through small chores, helping neighbors, or creative projects like selling crafts. This teaches earning as part of money management and gives more meaning to saving.

Can piggy banks teach kids about sharing money?

Yes, piggy banks with separate compartments or savings jars labeled “Share” help kids set aside money for gifts or charity. Discussing why sharing is important helps kids develop empathy and generosity.

How do digital piggy banks work if they don’t hold real money?

Some digital piggy banks count real coins as kids drop them in. Others connect to apps where kids log money earned or saved digitally. These tools combine technology with saving lessons, making it easier to track progress.