How to Make Saving Fun for Kids?
If you are looking into teaching your kids soon about money and the importance of saving, keep in mind that it it always best to start early. Depending on what your kids already know, there are various approaches you can. Goalsetter can help you set-up a bank account for your kids college fund in options by weekly, monthly, or however you want to do it.
On another hand, if you want your kids to learn how to do it by themselves alongside your savings for them, you can also start introducing to them the concept of financial management. Feel scared? Don’t worry mom and dad, this is a very common fear parents face when they decide they want to raise children who are financially responsible. Instead on dreading this journey, you can make saving fun for your kids with these tips.
1. Save together as a family.
Children always follow by example especially at home. They see what the adults do and it’s only a matter of time when they pick it up and apply it to their ways. If you save together as a family, your child will have a strong sense of motivation especially when they see that everyone is given the same amount of responsibility and everyone is contributing efforts to make the saving journey work.
Set a saving day and on that day sit together and give the agreed upon amount of saving per family member. Do it regularly until it becomes a routine and you will be surprised how easily they would pick that up and discipline them along the way.
2. Create a visual timeline.
It could be a calendar, a set of posters, or some colorful notepads —whatever works best, include a visual timeline to make saving more exciting. When they see progress in what they do, children gets motivated. When they see that they have a goal they need to get to, they get fueled. Help them by showing them where they are and how far along they are to get to their goal savings. You may also give them a sample savings journey on varying timelines in order for them to get a better understanding of what a flexible process saving can be.
3. Set up cans of savings for different purposes.
So your kids already know how to save and how to save for a goal. Now you can start teaching them how to save for different goals and how doing so can help them better handle their money. They could have a spend, donate, and invest can. Go through the process of explaining to then how this could discipline them more. The spend can, they use for small purchases that they want from a store. The donate can, they use for charity and sharing to those who need it mote. The invest can, they use for a long-term goal, where they plan to safely deposit in a bank for keeping.
These may not look much, but these tips have proven to be useful in making saving fun for kids.