Money, money, money — do kids like playing bank? The invention of plastic cell phones and mini laptops were somewhat expected, but the Summit ATM ($30) caught me by surprise. Tots can play drive–through, only instead of just sitting pretty, this box of plastic is actually a working bank. Kids can store their dollars and coins while the machine keeps tabs of the amount.
Are you all for teaching youngsters about money or do you think an ATM machine seems a tad extravagant?
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I think it's freaking awesome, I love it. Just a fancier version of a piggy bank!!
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I looked at it a couple of times, but decided the price tag sent the wrong message - you can teach your child getting them a piggy bank and talking to them when you go to the bank or use the atm.
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I love it!
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Put it in a real account and teach them about interest.
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There is a difference between showing your kids how to be responsible with money and reinforcing the money hungry society we live in. I'm not sure which one this toy does although it is probably doing both.
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I got this for my son a year ago (he was seven) and he loves saving money because it actually works! And he learns about interest because when he reaches $50, he gets to put it in his actual bank account.
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There were things like this when I was little. When I was little I didn't think of it as my bank like the one my parents go to. I just thought of it as a really awesome piggy bank that made cool sounds and stuff. This isn't the first time something like this has been made.
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All this teaches kids is it's easy to get cash from a credit card. It teaches nothing about the value of money. That takes work from the parents. But it's so much easier to buy a toy to do the job for you, isn't it.
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I don't think that's the case, Mishell. All the parents have to do is explain that you can't get money out if you don't put money in. I had one of these (or something very similar) when I was in my early teens and too young to have my own account, but pretty much only because it kept track of how much money I had.
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i got one for my daughter last christmas and she loves it she has saved $300.00, plus what i put in there from child support i think it is teaching her the value of money, she has a goal and she reaches her goal, and then sets a new goal to save more and she says its for college which is very surprising coming from an 8 year old, she was never forced to save it was more a toy when we got it for her she was into playing store, some may think it may send the wrong message i think as long as you take the time to direct your children the right way than your good, i doubt i bought it with the intention for this toy to teach my child, i bought it so my daughter can learn the value of money
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Why do people say "ATM Machine"? What do you think that "M" stands for? Sorry, little pet peeve, just trying to fix the world...
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Mishell, it doesnt just teach kids that its easy to get cash from a credit card! It isnt a machine that they put a plastic card in and it gives out money. Its a "bank" to put thier real coins and cash in, and keep track of what they put in there and what they take out. My niece has this and she has become very conscience of how much she has earned (she doesnt get allowance) how much things really cost and the value of savings. It has also taught her that when mom goes to the ATM machine its not just "free money" she is spending what whe has put into the bank.
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If the parent introduces the toy properly it can be used as an educational tool as well to teach kids about money and savings.
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sounds cool
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Looks cool to me!
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That's a fantastic idea! I had NO concept of money when I was a child. My aunt tells the story of when I would go to the mall with her and when she would run out of money, I told her to go to "the machine" (ATM) and get more. This could teach kids to be financially responsible from a young age.