How It Works

Most likely you've seen those Piggy Banks that have different compartments- Giving, Saving, and Spending. The idea is great where you could theoretically teach your child how to give, save, spend different portions of the money they earn or receive. But is it practical? You ever hear anyone say "the reason I'm financially independent today is because, when I was a kid, my parents had me split money between 3 different categories in a piggy bank..."? Most likely, you've never heard that and will never hear that. I don't know about you, but I have 4 children and tried doing this with them and it didn't work. Here are the problems with the "piggy bank" theory and why it just doesn't work:

How do you split up a dollar bill or any amount of money, easily? What I mean is: let's say my son Vince gets $1. How does he, at 6 years old, or anyone at any age, go and break that $1, put a dime in Giving, 20 cents in savings and the rest in spending? Every time he gets money, you have to find change and split it among the different banks. It's way too much work. Especially, if you have more than one child. You get what I'm saying??

Allocating the money relies on the adult, the parent, or the child. As you'll see with theAlloGator- auto money allocator, it is automatically done for you. The less human intervention, the wealthier you'll be.