The idea of saving up for something special should be fun for kids. Think about it – the more enjoyable saving is, the more likely they’ll continue to do it throughout their life.
Right now, they might be hoping to buy theme park tickets, the latest toy or some sports gear. Whatever they’re aiming for, there are plenty of practical and easy ways to make it happen – and you can play a big part in it.
We’ve come up with five fun ideas to help your kids save. You might even find some of them useful for your everyday life too…
1. Use savings jars
Making the money being saved as visible as possible can be quite effective. Get the kids to draw pictures of what they want to buy on the outside, and explain that some things take longer to save for. Also, teach children to set aside money for short-term and long-term goals, and maybe give them chores around the house to help them achieve them.
2. Make a savings goal chart
This will help your child understand how many weeks or months it will take them to save for their short-term and long-term goals. Using a pen or sticker, let them mark each saving milestone they achieve – this is a great way for children to see themselves getting closer to their goal.
3. Offer rewards for saving money
There’s nothing like a few extra incentives to help things along. By rewarding your child for saving, you’ll be encouraging them to do more of it in the future. A reward example might be: if your child doesn’t spend any of their savings for a certain amount of time, they might get to watch a bit of extra TV or receive a small treat.
4. Set a good example
Children love to emulate their parents’ behaviour. Let them see you saving money in a jar too, maybe adding to it each time you have some change in your wallet or pocket.
5. Match your child’s contributions
You can show your commitment to the cause by matching your child’s savings contributions dollar-for-dollar. Not only will this encourage them to put more into the jar, but it will of course help them reach their savings goals sooner.
You’ll be amazed at how little ideas like these can make a big difference to your child’s saving habits. Give them a go for yourself today.