It’s never too early to start your youngsters on the path of being money-savvy! Learning how to save money and how to be smart with financial choices are important lessons that will have a large impact on their lives for years to come. If you’re unsure about how to make saving money fun for your kids, take a look at these 5 money saving tips!
1. Have Jars To Collect The Money
The first step to getting a child excited about saving money is to let them see their progress in a fun way! Use 3 clear containers, one for spending, one for saving and the last for giving so that they can see the money build up in each jar. Make it into a craft activity and let them decorate the containers with their name, stickers, money signs and more!
2. Put A Percentage of Allowances Into Their Money Jar
Whether your kids earn money by doing jobs around the house, or they get a weekly allowance, show them how easy saving money can be when they put a little bit away in their savings jar every “pay day”! Consistently putting away a percentage of your earnings for something in the future is one of the best ways to save money. You can even do the maths with them, and show them how much money they have saved up in just a few months to get them really excited!
3. Ask For Money Instead of Presents
This tip can be used by money savers of any age. If a birthday or special holiday is coming up, request to be given money instead of physical gifts. This way you can add the money to your savings jar and get closer to reaching your savings goals – or make that one big purchase you've been eagerly saving for!
4. If Something Breaks, Fix It
Instead of going out and spending money to replace anything that breaks, try and fix it with your child instead. You can glue toys back together or learn how to repair a bike, you save tons of money in the long run!
5. Train Your Little Shoppers
When out shopping with your kids, let them make their own money decisions. If they have the urge to buy something with their money, talk them through the decision: Do they have enough? How much money will they have left after? Will spending this money hurt their savings goal? Recommend that they wait 24 hours before making a big purchase in case it’s just a fleeting novelty. Let them make mistakes with their money, but don’t replenish it for them – sometimes learning the hard way is the best way to learn!
Find more about how to teach your child to save