January is the ideal time to set a new financial goal. Encourage your children to make a goal or two of their own with this fun activity.

First, talk with your kids about saving. Explain to them that small amounts today add up to big bucks tomorrow. If an 8-year-old would put away just one dollar a week, for instance, they can save over $3,000 by the time they turn sixteen! That’s a lot of money that can be used toward a big purchase, like their first car.

Ask your children if there’s anything specific they’d like to save up for and help them set a reasonable time-frame for their goals. Then, try this fun craft to help get them started!

Sheep Bank

Materials Needed:

Empty coffee can
Sharp knife
2 wiggly eyes
4 egg carton cups
Hot glue gun
Elmer’s glue
Cotton balls
1 sheet of white foam


1. Remove the lid of the coffee can and spread Elmer’s glue all over the outside of the can. Cover the can with cotton balls.
2. Paint the 4 egg carton cups and set them aside to dry.
3. Use the pencil to trace the lid twice on the foam sheet. Cut out the circles.
4. Cut out two thin triangles from the remaining foam to be used for the sheep’s ears.
5. Use hot glue to attach the ears and wiggly eyes to one foam circle. (Adult supervision suggested for hot glue use.)
6. Use the markers to draw the sheep’s mouth, nose and freckles on the same foam sheet.
7. Attach the foam face to the lid with hot glue.
8. Use the knife to cut a slit through the foam face and lid, on or near the mouth area. Make sure the slit is large enough for dollars and coins to easily pass through; this will serve as the money slot. (Adult supervision is suggested for this step.)
9. For the tail, glue a cotton ball to the second foam circle.
10. Use hot glue to attach the second foam circle to the back of the sheep.
11. Glue the four egg-carton cups to the bottom of the can so your sheep has legs.

Your sheep bank is now ready to gobble up your savings!

Start your child on their journey to savings by giving them some money to put into their new piggy bank’s mouth. The more your child feeds their sheep, the bigger their savings will grow!

Variation: You can tweak small details on this craft to create nearly any animal bank. Just change the colors of the foam circles, and instead of covering the can with cotton, paint it the appropriate color, or glue on fake fur. Have fun personalizing and creating the perfect “piggy” bank!

Your Turn: How do you encourage your children to save? Share your best tips with us in the comments on Facebook or Instagram!