When children get a bit of money, they may get too excited and want to spend it like adults. Helping your child learn to save that money is tricky, and it can make you seem like the bad guy standing in the way of what your children want. Being consistent and finding fun and interesting ways to help your kids save money, however, can make the process less difficult and can teach your child about the importance of saving over the long term. Here are some suggestions we have for you:
1. Get creative
Instead of buying a ready-made piggybank off the shelf, try creating a DIY piggy bank with your child! It could be made out of an ordinary, everyday object. Decorate it with paint, markers, stickers, etc. It is also quality bonding time with your child and spurs creative juice!
2. Let’s go to the bank
A trip to the bank could be an educational excursion. When you need to make a trip to the bank, bring them with you. After all, children are always curious about the adult world. Open a separate savings account for your child, and then let her participate in the cash depositing process. Involvement leads to greater enthusiasm and ownership.
3. Set goals
Create a visual chart that you update whenever your child earns or receives money as a gift. At the top of the chart, put a picture of what your child wants to buy to remind her of her goal.
4. Nothing is free in this world
Provide your child opportunities to earn money. This might be through doing household chores or earning good marks in school. Encourage him to put the money in his savings account by reminding him of his savings goal.
5. Create small wins along the way
Let your child purchase small items from time to time with their money. Having short-term goals, such as buying a new video game console, instead of long-term ones, like saving money for college can take some of the frustration out of never being able to spend money she saves.
6. Reward and support
Give your child small prizes for saving money. For example, take him out for a treat if he does not spend any money for a period of time. Match your child’s savings each time he makes a deposit. This can motivate your child to save.
7. Learn through fun
Play games with your child that encourages saving money and introduce the concept of money, like Monopoly or role play in a shop.
8. Set good example
Be a role model for your child. If your child sees you saving money, she will see that it is an important priority in life.
Did you have better tips? Share with us!