How to make saving cool for kids
Instilling saving habits from an early age will serve your children well for the future. Here are some tips to help your kids save money.
It’s never too early to teach your children about money, and the value of saving.
Although tricky – the idea of ‘putting money away to pay for something’ can be tough for an eight-year-old to understand – with a little help, and some fun games and tools, your kids will be saving before you know it.
1. Draw a picture to explain the concept
Start by finding something your child wants. Explain to him or her that this item isn’t free and that you need to work to earn money to buy things. Together, find out how much the item costs and how long your child will need to save his or her pocket money to get it.
A savings chart can help your little ones keep track. Every time they get their pocket money, or chore money, they can tick a box on the chart. This shows them how much money they’ve saved and how much they’ll still need to, to get the thing they want.
2. Upgrade the piggy bank
Most banks offer specific bank accounts for children. Standard Bank’s (sum)1 bank account is ideal for kids 16 years and younger. Having a bank account will also keep their money safe, while they learn how to earn.
3. Make saving fun
Rewarding your children when they reach a saving milestone can encourage them to continue earning and saving their money.
And don’t forget to do your bit. Saving with your children can help show them just how fun and cool saving really is, as you reach new savings goals together, and reap the rewards.