Now here's a smart way to teach your kids a lesson about money,
spending, and budgeting: by installing an ATM machine right in your very
Children don't always understand the value of money, especially when it's simply given to them whenever they ask. I don't know a lot about parenting since I don't have kids of my own but I've seen how my nephews and nieces can get with my sisters. Being smart when it comes to money and saving up should be taught and enforced at a young age.
Unfortunately, older kids don't always see it that way. And if you refuse to hand over the money, sometimes they find ways to just filch the money out of your wallet. But with the personal ATM machine, you can make them work for it.
This personal ATM machine works just like the real ones at the bank. The only difference here is that you get to play the role as your child's personal banker. In a way, it functions like a really high-tech and parent-controlled piggy bank.
For example, if your child wants to buy a $40 toy, then you can set a corresponding withdrawal limit on the machine yourself. This is something he or she can tamper with because you control the settings with a password. In effect, your child must then save for that toy by depositing a portion of his allowance into the personal ATM each day.
Here's the personal ATM's product description:
- "coin depositing (single slot, auto
- note (dollar) depositing
- security card control
security (set by owner)
- saving target and time setting, money
- check balance, check money still needed
- check saving days
left, 8-digit calculator
- time and date display
The Personal ATM is about 800g and 158(L) x 130(W) x 200(H) mm in
weight and size respectively, is powered by 3 x AA batteries (not
included) and recommended for ages six years old and upwards."
You can get the Personal ATM here: Latest Buy
UPDATE: This item may no longer be available. Another well reviewed personal atm is available here.