7 Fun ways to get your child to start saving money

Thrifty Kids: 7 Fun ways to get your child to start saving

Sarah Khan

19 Jan 2017

mis à jour le 19 January 2017 à 00:00

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7 Effective tips to start your child saving
Flick through our gallery and learn a handy tip or two!
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Create a savings goal chart
Once your child has established what he or she wants to save up for, figure out how many weeks it will take to attain that amount and make a chart. Represent each week as a box on the chart. Get your child to put aside part of his or her allowance every week and check the box once they have done so. This will let them visibly see their progress and even get them excited as they get closer and closer to their goal.
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Get your child to prioritise
This applies to your older children: get them to draft a wish list of things they want to spend their money on and rank the items in order of how much they prioritise it. Prompt them to think about it on a long-term scale as well. Then, have them allocate a portion of their allowance or side income to each of their goals. This is essentially getting them exposed to the idea of a financial plan, and this type of thinking will benefit your child in the long-run.
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Talk about money with your children
Discuss your financial plans with your children - like the arrangements you have lined up for your retirement, for instance. Bring it up organically with your older kids during a regular conversation or over dinner. This way, your children will learn that there is a bigger picture to saving and that it is a lifelong endeavour.
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Offer your child rewards for saving money
You may want to consider rewarding your child for saving their money, or when they've achieved a certain savings goal. You can treat them to a movie they've been itching to watch, their favourite dessert or even an extra hour with their video games. This will motivate them to keep the habit going.
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Let them make mistakes
Sometimes, the best and most effective of lessons are the ones you learn from a poor decision. Once your child has reached his or her savings goal, they may tend to feel the urge to rush out and spend all that money on their coveted item of the moment. Realising afterwards that they're now back to square one again without any savings may make them realise that their impulsive purchases are not always the best decisions and that they have to weigh their decisions to spend.
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Be an example to your kids
One of the best ways is to visibly let your child see that you save money too. Tuck away your loose change in a jar while your child is watching and let them know it's your little savings jar or 'piggy bank'. This normalises the idea of saving to them and sets an example that it should be something they can start doing too.
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Play games
There are great games available that you can use to teach financial concepts to your children. Monopoly or The Game of Life can teach your little one money management skills as well as the importance of planning ahead with their funds. Look up apps or even kid-friendly educational websites you can use to let your kids learn more about money.

7 Effective tips to start your child saving

Get your kids to start saving with these fun, effective tips.

Teaching your children financial literacy is crucial - particularly, the importance of saving up for the future. Because they don't typically teach it in schools, it is all the more imperative that as a parent, you instill the habit of saving in your children. The earlier you start encouraging them to save money, the better off they'll be! Even your

Even your little toddler can get in on the action, although you'll have to get creative in teaching it in a way they'll understand. The most crucial thing is to make the idea of saving fun and attractive to your children. Looking for some great tips to get started? Head up to our gallery above for suggestions that will work for both your toddlers and teenagers!

Sarah Khan

Photos: GettyImages

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