You can never start too young, they say – and never has that been truer when it comes to saving money.
Indeed, now that it’s National Savings Month, this could be a good time to get your kids involved.
Here at GetBucks, the easiest place to get an online loan, we know that there are many fun ways to learn to save without taking the fun out of being a kid.
Step 1: Help your kids identify two things that they want
It certainly won’t be difficult. Most kids already know what they want. But, importantly, help them identify something smaller or relatively cheap, and something larger or relatively expensive.
Teach your kids to differentiate between a short-term goal and a long term one. They should understand that each will take a different amount of time to reach based on their value.
Importantly for them, achieving the short-term goal should act as added motivation to achieve the long term one.
Step 2: Get two empty jars, sticky tape, a paper and a coloured pencils
Have your children draw what it is they want on two separates sheet of paper. Then, stick the pictures to each jar so that they know which jar is for which goal.
These pictures are important to keep them motivated. They should feel less tempted to give up with the pictures keeping them inspired!
Step 3: Draw a chart that helps them understand how savings works
At this point it is important to make a chart that helps children understand how saving works over time.
Depending on how old they are, explain how crossing-off certain thresholds on the chart is a good way to keep track of money saved.
Encourage them to keep this chart on a wall in their room. When they deposit money into each jar, help them with their chart so they can track their savings and importantly, track the time left until they reach their goal.
Step 4: Get them kids a job!
A key part of saving is having the money to save. Now that they’ve identified their goals and have their jars and charts ready, it is a good time to offer them work for pay.
Chores around the house could earn some weekly pocket money, which they can then distribute into their jars.
Building a work ethic in this way can be whole lot of fun – and if they’re inclined to do so, help them with entrepreneurial tasks, like helping them make and sell wors-rolls to family and friends.
This National Savings Month is a great time to get kids saving. Certainly, learning financial literacy from a young age is the key to better decisions later on and you can never start too young.
Without doubt, they’ll thank you in the years to come – so play along, Mom and Dad. Have some fun!