When Henry was just a tiny dude, we made him a piggy bank. Now Maggie has some coins laying around and I felt like she needed something special made just for her, too. I had this idea in my head of one of those banks where you can see the money rolling down the ramps when you insert it, so we put it into action! And to be honest, I’m half surprised that the thing actually works. 😉 So we thought we’d share with you all how to make a rolling coin bank, along with some of our favorite money saving tips while we plan for Mag’s future.
- wooden tray
- sheet of clear plexiglass
- craft wood strips
- miter saw
- circular saw
- Dremel tool
- craft paint
- E6000 glue
Make Time: 2 Hours
Step 1: Use a circular saw to trim the plexiglass down to the size of your wood tray.
Step 2: Drill a pilot hole in each corner of the plexiglass, leaving on the protective covering sheet.
Step 3: Use the Dremel tool to carve out a coin slot, approximately 1 1/4″ x 3/16″.
Step 4: Use the miter saw to cut the wood strips into your ramps. We recommend a 15 degree angle. Cut them short enough so that there’s enough room for a large coin (a quarter or a 50-cent piece) to roll through all of the passages.
Step 5: Paint the inside of your wood tray as you like. We decided on a subtle ombre, going from a bright aqua to a minty/pink combo. Allow the paint to fully dry.
Step 6: Use E6000 to glue your rolling ramps in place. Start with the one directly under the coin slot. Glue it in place low enough under the coin slot so that there’s space for a large coin to drop down onto it. Glue the second ramp in place following the same guide. Allow the glue to fully dry.
Step 7: Screw the plexiglass into place, peel off the protective covering, and start saving your pennies!
It’s so great! She LIVES for watching the coins roll down those ramps. And she’s getting quite a little coin collection, thanks to my parents always dropping off their spare change. This particular bank is kind of interesting because you can’t take the money out unless you unscrew the front. So when it’s full, unscrew it and make a plan for that cash! We always tell Henry when his bank is full that he can spend a portion, donate a portion, and save a portion. And the portion that we save goes into our kids’ ScholarShare 529 accounts. We talked about it a bit before right here, but ScholarShare 529 is California’s 529 college savings plan — it’s a way to save money for your kids with the specific purpose of being used for their college education. (Our extended family contributes to their ScholarShare 529 plans as well, for birthday gifts and things like that.) You can contribute to the ScholarShare 529 and the money accrues interest while it’s waiting to help with their future.
Last time we talked about it, some folks asked a great question — what if the child with a ScholarShare 529 account doesn’t end up going to school? Or what if they get a scholarship? In the case of non-attendance, you can withdraw the funds and you just pay a tax on the earnings, not on the initial contribution amounts. You can also choose to transfer the account to another beneficiary, which is an awesome option. In the case of a scholarship, you can withdraw funds without penalty up to the amount of the scholarship. But! The ScholarShare 529 plans can be applied to schools outside of California (even outside of the U.S.), including some vocational schools. So there are so many great ways to use those educational funds, it’s almost a no brainer to be saving in this way.
Maggie is pleased as punch to already be saving her pennies, and I’m happy to be giving our kids a little taste of managing their money even at a young age. I know it’s just a coin bank, but it’s never too early to start teaching kiddos what money means and how to manage it. Hope you try this one out! xoxo
This post is sponsored by ScholarShare, California’s 529 College Savings Plan. All opinions are my very own. Thank you for being supportive of the partners who help keep Lovely Indeed rocking!