Saving money can be challenging, especially for kids. They want to spend their money on sweets and cookies, but you can help your kids develop the habit of saving, by involving them in activities that will trigger their interest in saving. In this article, we will help you explore fun ways to teach your kids how to save. Read on!
Kids are always excited about shopping, mainly because they can pick whatever they want without worrying about how it gets paid for. To spark your kids’ interest in savings through pretend shopping, turn your kitchen or living room into a pretend grocery store by gathering some canned and boxed items. Put “price tags” on them and line them up for “purchase.” Then, give your child a list of things to buy and a budget to stick to.
Any child who sticks to the budget and has some money left will be rewarded with extra sweets. This will help your kids understand that there’s always a reward for not spending all their money and keeping some aside.
You can’t successfully teach your kids how to save without first teaching them how to earn money. Since they are little and can’t get a corporate job, you can come up with a plan that allows them to earn a certain amount of money after doing their daily chores.
Whatever they want to buy that month or year – a bike, a toy, etc. – they can start saving the money they earn from doing chores to purchase it. This is like killing two birds with one stone – you teach them how to save while getting them to do the chores!
Challenge your kids to a savings showdown. Set a monthly or quarterly savings goal and see who can reach it first. The winner gets a prize, but the real reward is seeing their savings grow.
This is not to trigger competition among your kids but to teach them the importance of being disciplined when it comes to savings and the reward that comes with it.
Kids are drawn to characters who do heroic things. That is why they always have a favourite superhero. You can come up with stories about a particular superhero, let’s call him Sir Save-a-Lot, who goes on a quest to save every single penny he earns to save the world. Read tales of his adventures during bedtime.
Better yet, have your kids come up with their own Sir Save-a-Lot stories! Gradually, your kids will see how noble it is to save and will be encouraged to start practicing it.
If you haven’t already opened a savings account for your kids, you can visit the nearest Keystone branch to open one. The best part of this is that beyond their little savings, you can set up a direct debit from your account via KeyMobile to their savings account to grow their savings!
Parents, teaching our kids to save is more than just about money; it’s about setting them up for a bright future. With these fun activities, your children will learn the value of money and the power of saving. So, let’s get started and make saving a blast!