Just because your kids don’t have any financial obligations, it doesn’t mean they shouldn’t start learning all about saving money. Managing personal finances efficiently is a skill that is developed over time. Kids who start learning about money and saving from a young age – even preschool age – will have a more secure financial foundation than those who don’t.
Most schools don’t really teach kids about the importance of saving; therefore, it is their parents’ responsibility to make sure they know all they need to know about saving.
In our previous article, we discuss how to raise money savvy kids. To follow on from this article, here’re a few fun ways to teach your kids about saving money:
#1. Buy a piggy bank
A piggy bank is a fun, easy way to teach kids of any age the importance of saving. Challenge them to full up the piggy bank with coins and notes. Don’t let them take out the money until the piggy bank is full. Once it is full, you can let them buy something they’ve been wanting. This will teach them to save up for things they really want.
#2. Introduce them to savings jars
Get your kids to collect and decorate savings jars. If one of your kids are saving for something specific, such as a scooter, paste a picture of a scooter on one of the jars to help create a greater incentive to save. Once the jar is full, they can count the money inside and put the money towards what they want.
#3. Pay them for doing chores around the house
By paying them for doing chores around the house, kids learn the value of hard work and how to work for money – something they’ll have to do when they’re adults. Once they receive money for doing chores, you can advise them on how they should spend and save their money.
#4. Open up a bank account
As your kids get older, you can open up a bank account for them as a step up from a piggy bank. Make sure they are aware of how much money they put into their savings account so that they get an idea of how savings accumulate as well as how interest works. As they watch their money grow over a long time, they will start to understand the importance of long-term saving.
#5. Full a picture with coins
This is a fun way to get your kids to collect coins. Stick a big picture on the wall and tell your kids to fill it up with coins – they can stick the coins on with Prestick. Once the picture is completely filled in, they can count how much money they’ve collected.
#6. Make a savings chart
Make a savings chart with your kids. Set the chart up so that your child can colour it in to indicate how much money has been saved. This way, your child can see how much money they still need to save.
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