Think about it – the more enjoyable saving is, the more likely they’ll continue to do it throughout their lives.
Right now, the goal might be to buy theme park tickets, the latest toy or some sports gear. Whatever they’re aiming for, there are plenty of practical and easy ways to make it happen – and you can play a big part in it.
We’ve come up with five fun ideas to help your kids save.
Ensure any money saved is as visible as possible by using clear jars and encourage the kids to draw pictures of what they want to buy on the outside. Teach children to set aside money for short-term and long-term goals – maybe give them chores around the house to help them achieve them.
This will help your child understand how many weeks or months it will take them to save for their short-term and long-term goals. Using a pen or sticker, let them mark each saving milestone they achieve – this is a great way for children to see themselves getting closer to their goal.
By rewarding your child’s saving efforts, you’ll be encouraging them to do more of it in the future. For example, give them a small treat or let them watch extra TV when they don’t spend any of their savings for a certain amount of time.
Children love to emulate their parents’ behaviour. Let them see you saving money in a jar too and add to it each time you have some change in your wallet or pocket.
You can show your commitment to the cause by matching your child’s savings contributions dollar-for-dollar. Not only will this encourage them to put more into the jar, it will help them reach their savings goals even sooner.
DISCLAIMER: This is general advice only, and does not take into account your personal circumstances. We recommend you consider whether it is appropriate for you before making any decision regarding financial products.