A Coin Purse for Your Kids Allowance

I don’t know about you, but I always liked putting my money in a small coin purse when I was a kid. It wasn’t a Coach or Kate Spade coin purse, but it did the job when it came to storing my allowance money. Although I don’t recommend spending a lot of money buying a coin purse for your daughter when she is seven, I would encourage you to help her manage her money. And although it will not turn her into Warren Buffet, a coin purse is a great way of storing small bills and loose change.

There are a lot of places you can buy a cheap coin purse for your kids. Places like Target, Walmart, and Kohl’s are a few places you can get inexpensive coin purses. And make sure that the coin purse is durable enough to withstand a bit of rough play from your kids. In rough play I mean stuffing the coin purse in their backpack, pocket, or lunch box. Maybe they might try balancing a glass of milk on top of the coin purse. Even if they know what it is used for and they like it, they are still kids and kids sometimes do goofy things.

Money, it´s a crimeOnce your kids establish that they can put their cash and coins in the coin purse, what do they do when the coin purse fills up? Well, for starters, they need a place like a small piggy bank or small safe to put their money after the coin purse fills up. Or if they want, they could transfer the money from the coin purse to the piggy bank or safe each time they get some money. Either way, a coin purse is a nice thing to have when you are teaching your kids to manage their money. Remember, it is good practice to teach them about managing their finances at an early age.