How can I help my kids save money? It’s a crucial skill to teach at a young age, to help kids learn financial responsibility and develop healthy spending habits. Saving money may not seem like fun, but there are simple ways to make saving money more entertaining for your kids.
A Piggy Bank
Piggy banks can be a simple way for kids to store their loose change every day. Having a piggy bank allows your child to see how much money they can save up in a week, a month or a year. This visual will help show your kids the rewards of saving and can be as easy as setting aside a couple of dollars every day.
Create a Savings Goal Chart
Similar to the piggy bank idea, creating a savings goal chart will also allow your child to visualize just how much they are saving. Create a chart and set different amounts of money to work toward. As your child saves, allow them to keep filling in the charts.
This way your child will always know exactly how much money they need to reach their goals. Next to their money goals, show an example of something they can buy with that amount of money. For example, $100 could buy them a special LEGO set.
Different Containers for Each Goal
This idea is a cross between a piggy bank and the savings goal chart. Set aside different colored containers such as mason jars or plastic boxes and attach a picture of your child’s goal to each container.
A yellow container could be used to save up for a cool new pair of Vans. A blue container could be set aside for a toy, or a green container could be used to purchase a new game. You can also set aside a red container and mark it as savings, so your children can also have the option to save their earned money.
Pay Your Children to do Chores Around the House
Collecting leaves and pulling weeds, and helping wash the car are all great chores.
Allowing your children to complete chores in order to earn money, teaches them the value of hard work and what it takes to earn money.
Parents can also benefit from this method and save their usually allotted time for these chores to do other things instead. That’s a Win Win 😉
Establish A Reward System
Are the methods listed above unable to keep your children interested in saving? Try establishing a reward system. Every time your child gets closer to their goal, reward them with things such as extra tv or internet time for each dollar earned or if they have siblings, extra one on one time with you, when they make it halfway to a goal.
Till next time,
Whenever you’re ready, here’s another way we can help you help your kids.
Download the 52 Week Money Challenge for Kids