Zillions ATM, teaching your child about money

My son is obsessed with ATMs. He sees the signs and yells “look mom, an ATM, let’s get money!” I tried to explain to him that the ATM doesn’t just give you money. It is not a money machine. Rather the machine gives you money that you have previously put in the bank. I thought that I explained the concept to him, but it got lost in translation. 

To help my son understand the real use of an ATM and depositing/withdrawing money, he got a Zillions ATM for Christmas. 

The Zillions ATM works just like a real ATM. A child has a password protected account and bank card. Use the bank card to deposit coins and dollars into the ATM. The machine counts the money and records your balance. You can withdraw a determined amount and it decreases your balance. 

My son was very excited to have his very own ATM. We set up his account and he was ready to go. The first time he put in his card, he was disappointed that no money came out. I told him that he didn’t put money into the bank yet, so he wouldn’t get any money out. So we went to his piggy bank and got some coins. After depositing the coins, he was able to get money out. 

The Zillions ATM is a good tool to teach kids about money management as well as currency. For older kids, the ATM can be used to teach budgeting and saving. For younger children, it can be used to introduce currency values. 

The Zillion ATM is sold a numerous retailers including Amazon.com and Toys R Us. Retail price varies but average retail price is $29.99. The Zillion ATM is recommended for children ages 6 and up. 

The Zillion ATM was named 2009 Educational Toy of the Year.  For more information on the Zillion ATM and Summit Toys, please visit the website http://www.summittoy.com/

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