I have some brilliantly fun ways to save for kids ideas here for you today.
Parents everywhere want to teach their kids to be smart with money so they grow up knowing how to avoid financial problem areas such as unmanageable debt and compulsive and impulsive shopping.
The benefits of saving
Saving is a brilliant and rewarding way to get kids to start thinking about money, It teaches them to wait for what they truly desire which increases the pleasure of a purchase, Learning to save well and regularly bodes well for the future as spending becomes more conscious and debt is more easily avoided.
But isn’t saving boring?
How can we get kids to save when money is burning a hole in their pockets and they just want to buy something nice right now?
The key is to make saving fun. Take a look at some fab ideas below.
5 Fun Ways to Save for Kids
Set up and decorate a savings jar
I just love this fun creative and very practical idea from Money Plus Advice
‘Using a piggy bank is a simple way to encourage children to save money. But if you’re looking for a cheaper and easier option, you could use a clear glass jar or plastic container as an alternative. You could decorate the jars with craft supplies to make them more fun and spark some creativity. If your child is saving for something specific, such as a certain toy or towards a special day out, why not help them decorate the jar in that theme? ‘
I love the idea of a themed jar that a child would decorate themselves, How excited would they be to see that fill! And because they created it they would take more ownership of it and be more invested in their savings project.
Perhaps they could even put it on display in their bedroom?
Give a little extra pocket money
Adding an extra 20% to a child’s pocket money specifically for saving will encourage this to be come a really regular habit. It might only be 20p but it soon adds up and it’s a very simple way to encourage good practice.
Get them to the grocery store
Another great tip from Money Plus Advice is to get your kids to go food shopping with you. It is so important that they start to understand the value of money. It also encourages them to look and compare prices and see quick ways to save just by being aware of what they buy. They could even help make the shopping list and handle the money and change too.
Let them wash the car
Working for pay is another great way for kids to learn to appreciate money. You value things so much more when they are the results of your effort. Walking the neighbours dog, washing the car or taking on a little baby sitting job can be simple, fun ways for young people to earn a few pounds and begin to understand the concept of working for their pay.
Old fashioned values existed for a reason.
When you mend something you get longer wear from it which saves money. If you upcycle something you get a brand new product for free. If you recycle something and use it again or someone else uses it again, then money is also saved. Knowing how to preserve and make the most of what you have is a wonderful money saving skill. It can also make a child feel really proud to paint up an old plant pot, sew on a new button or gift a toy they once loved to a friend.
The long term impact of saving when young
The benefits of kids learning about money and ways to save will be lifelong. It is one of the most important things you can ever teach them and it will reap rewards in terms of wellbeing and financial management.
It is well worth the time and effort.