The Best Kids’ Safe

Buying Guide

By learning how to save their allowance, gift money and other earnings from an early age, children can head into adulthood with a foundation that will help them avoid the stress that can come with financial illiteracy.

Today, there are many age-appropriate tools available to help children learn to manage money. Those include prepaid debit cards and apps, but some financial experts emphasize that emotionally, having funds in old-fashioned cash form is the best way for anyone to learn to manage money. There are many ways to approach teaching cash-based financial skills, including the classic piggy bank and the envelope system.

But there’s a newer option that parents might not know about: Kid-targeted safes that offer a new twist on the piggy bank. They keep money secure and accessible only through a passcode. These newer safes also have a slot for bills, as well as one for coins. The larger capacity means children can save hundreds of dollars before running out of room, allowing them to save up for a serious reward.

If you’re going for a kid-friendly safe, one of the best features on newer versions is an electronic scroll that pulls bills in. This operates similar to placing cash into the slot of an ATM or vending machine and can be very gratifying. Some safes even build in music as a reward for inserting bills.

Most kids’ safes come with a four-digit password that parents can reset. You can decide whether or not your child knows the passcode. Older children might choose to set the password themselves and keep it top secret, adding another level of independence to the whole thing. When the password is input correctly, the safe lights up and the knob becomes maneuverable, which also can be a gratifying experience to a child who has worked hard to save.

One downside to kid-friendly safes versus traditional piggy banks is that they tend to be larger. You’ll need a place to store the safe, whether it’s in a closet, on a shelf or elsewhere.

• Safes for children aren’t usually ready to use right out of the box. A parent will likely need to set up the password, which will require following instructions. These instructions should be included in the box but if not, you should be able to find them online.
• Kid-friendly safes are typically made from a thick, durable plastic like ABS. Although these safes are built to last, they’re also typically fairly tamperproof. The locking mechanism can be broken with determination, though, so keep that in mind.
• Unlike typical safes, kid-friendly safes often aren’t fireproof or waterproof.
• The slot in the door of a child’s safe is designed specifically for paper currency. If coins will be involved, make sure there’s a slot for those, as well. This would typically found on the top of the safe.
• If environmental friendliness is a concern, look for a safe built by a company that uses sustainable manufacturing in developing.
• Some safes have lighting on the keypad. This can be especially beneficial if you’re storing the safe in a dark place like a closet.
• Most of these safes are battery-powered, so you’ll need to make sure you have spares on hand for when they run out. You won’t be able to open the safe if the batteries are dead.
• Since the experience of inserting bills is so gratifying, consider getting change in small bills when you’re out and about. You could trade your ones for a child’s five or twenty to extend the fun of depositing bills.