Alexa von Tobel may be the founder of LearnVest.com, but she’s also a parenting genius, especially as it applies to helping kids navigate the tricky world of finances. Thankfully, she decided to spill her strategy for teaching her three-year-old daughter about saving on a recent episode of Mom Brain, a brand-new parenting podcast co-hosted by Daphne Oz and Hilaria Baldwin.
Her system? Piggy banks. “My daughter has six different piggy banks—mostly filled with gifts from friends. One piggy bank is for college, one is for high school, one is for cupcakes, one is for a scooter.”
Here’s her method: Her daughter fills them up when she has a specific savings goal. (A few of the goals—like college—are ones set for her by her parents, of course.) When the piggy bank is full, her mom and dad take her to the bank so she can deposit the money into actual savings accounts.
The goal is to teach her that, when she wants something, she can’t just go out and get it right that second, she has to save.