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Thursday
Aug152013

Virtual Piggy: A New Way to Save

Since my son Cam was young, we have been working with him to understand the value of money. From his first piggy bank to his first wallet, he understands the concepts of spend, save and give.

We've been teaching him, through saving money for stuff he wants, like video games, the concept of earning money and then saving.

So when Virtual Piggy contacted me to learn more about their web site, of course I said yes! This new online resource is a safe way for kids to manage their spending online with the help of their parents. Virtual Piggy has partnered with a large number of family-friendly merchants so kids can have a safe purchasing experience.

Virtual Piggy sent us this very cool kit. Cam was so excited, he loves to put together building blocks like K'Nex, so this was a treat for him. The kit also included a cute plush and key chains. I collect key chains, so this was a nice treat!

And here is the finished product my son put together, how cute!

 



 

Here's how it works!

Parents create a Parent Account, in which their credit card information is stored privately. Shipping information is also privately stored under the Parent Account. Kids have no access to any of this information. Kids accounts only access a username and password for transactions, so parents can feel good about the fact that birth dates, ages, names and address are never used.

The Kid Accounts are then added by the parents. The kids accounts have very specific parental controls, in which the parent decides approved merchants, spending limits, and to what extent parents must approve transactions. No guessing what stores your children are shopping with or how much money they are spending. All of that is decided beforehand by YOU. Kids also have the opportunity to make a Virtual Wishlist, where they can add items they would like to save for or receive as gifts. When I told Cam about this, he was very excited! He loves creating virtual wish lists.

Parents can set monthly allowance amounts, savings goals and charity goals. This is a great way to prepare them for the future!

Take a look at this Youtube video to learn more!

For more information you can find Virtual Piggy on the web, Facebook and Twitter.


Disclosure: I received a Virtual Piggy kit to facilitate this review. All opinions are my own.

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