Helping Children To Save

Saving money had never been one of my strong points.

From the moment I got my first job at the age of fourteen the money got my sweaty hands and I was off to get that much wanted…but never needed new dress or pair of shoes.

This is something that has been a real struggle through my adult life and I want to be able to pass on better skills to my children as regards to saving with the hopes that they don’t make the same mistakes that I did.

I have listed a few ideas here they I am going to be trying out to build good foundations for those future, and hopefully there will be some here that you may want to try:

Filling A Piggy Bank – Children are very visual and having something there that they can add to and watch grow will give them the encouragement to keep saving.

Saving For A Treat – We all love to have a goal in life, something to work towards and strive for. This will then  encourage  them to save for that much longed for toy of item of clothing.

Matching Their Saving Amd Building For Thier Future – To give them a bit of encouragement we can help them reach their saving  goals a little quicker by matching what they have saved when they reach a certain amount or thinking more long term we could take out a savings account such as a Junior ISA so they know through their hard work you have created a sum of money to help out with something bigger such as their first home or uni fees for when they are older.

Earning Their Money – It’s all very well for them to be saving up their pennies but they need to realise that these have to be earned and not just given to them. Simple chores around the house such as tidying their rooms or washing the car are a great place to start.

Lead By Example – This is probably one of the most important ones for me. I want to let the children know that all the days out, holidays and treats we have come at a cost and these things need saving for. Having a jar on the side to save up spending money for a holiday or letting them know that you are forgoing that lunch out so that other important things can be paid for is a great way for them to follow in your footsteps.

I would love to know if you have any top tips for saving with your little ones.
*collaborated post 

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