If you grew up in Australia, chances are your first money box was from the Commonwealth Bank. Since 1921, our money boxes have given millions of children the pleasure of regularly putting away a few coins and watching them grow into something substantial.
Changing with the times
Our first money box was labelled with the image of our headquarters on the corner of Pitt Street and Martin Place in Sydney’s CBD. Then, in 1928, we produced a more novel money box that was formed in the actual shape of the building.
Over the years, our money box changed its shape to keep up with the times. From a Darth Vader shaped box during the 1980s Star Wars craze, and a MobileBank money box when we introduced mobile banking in 1997, to an ATM-shaped money box in 2010. Our money boxes are made to appeal to children – and therefore encourage them to save.
Teaching kids the value of money
Along with pocket money, the money box teaches children how to manage their cash. Most kids love to use their money boxes to save for something special. But did you know that giving them three money boxes is even more effective in teaching them to budget?
Spend, save and share
Just as you divide your money in different bank accounts, your kids can use different money boxes to budget.
Here’s how it works. The first money box is for regular spends, such as snacks or building up their Lego collection. Money box number two is for a future goal – a new bike, a big outing or a holiday. You can even help your child work out what they need to put away each week to help them reach their goal.
The third money box is for putting aside money to share with those whose needs are greater than theirs. Get them to choose a cause that’s close to their heart to motivate them, and give your kids one of the best experiences of all – the joy of giving.
Help your kids get smart with money
Teaching your kids the value of money? CommBank’s Beanstalk page can help.