Teaching kids how to save money
Encouraging children to save their money for a rainy day can be tricky. The idea of shiny coins that could be spent on comics or toys can be too exciting for little ones to convince them to bank them instead.
Here are some top tips to help encourage your child to save money.
The first step to teaching your child to save money is buying a piggy bank or savings tin. There are plenty of tins and banks in shops aimed at young children with their favourite cartoon characters on them. Let your little one choose their own tin and explain it’s for saving all of their coins for a special reason.
Having something to save up for can help encourage little ones to bank their pocket money. Whether you plan a special trip out with your child or a toy they are desperate for, cut out a picture of the goal you’ve agreed and stick it above the saving tin.
A good incentive to convince your children to save is match saving. Agree that for every pound or five pound they reach, you’ll match it. This concept might be a little confusing for small children but getting double their coins when they reach a milestone won’t be too hard to understand!
Creating a reward chart is a great visual aid to help children reach a goal. For every pound or five pound the reach, let your little ones add to the reward chart.
Buy a piggy bank or saving tin for the whole family. By making a fuss of each family member as they add another coin to their tin, little ones will be excited to participate and keep up with older brothers and sisters.
Photography: Ken Teegardin @Flickr