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Create a good savings habit with your children
Teach them when they’re young
By teaching your children about money and savings, they are more likely to continue saving as adults.
- Children develop habits as young as seven, and saving is a good habit to have.
- Saving is an important life lesson which they’ll carry into adulthood.
- By having a good savings habit, children are less likely to run up debts as adults.
How to encourage saving
Learning through play
This is a great way to start. You could play shop, taking it in turn to be the shopper or the shop keeper.
Talk about saving. It doesn’t have to be saving money, it could be saving some sweets for later or saving their favourite book for bedtime. This will start the idea of spreading the enjoyment rather than having everything at once.
Once they’ve got the idea about saving, you can think about giving pocket money, and getting them to save some money up. Have a look at our pocket money guide some idea’s around this.
The benefits of saving
If you help your child see the benefits of saving, it will encourage them to put away some money. Point out how much something costs with the money they have. Show them what they could buy if they saved up a little more.
They may get birthday or Christmas money. Get them to save a little. Pop it into a piggy bank or money jar. It will encourage them to keep saving if they can see their money grow.
Set a goal
Ask your child what they’d like to save up for. You could put a picture of what they want to buy on their piggy bank or money jar. It’ll help to remind them why they are putting away money.
Break down the savings goals into chunks and make a little chart and mark off their progress. You could even offer to add a little extra cash when they hit each milestone. Topping up their jar with a few extra pennies as a reward for great saving.
Handy to know
- Talk about how you save. Show them how you cut back on buying treats and put money aside for a day out instead.
- Talk about bank accounts and how the bank keeps your money safe. Adding interest on the money you save.
- Children will learn from not just what you say, but also what you do.
Savings habits as children grow
Children are quick to ask for things. Ice-cream after school or for money for things like sweets or in-app purchases on video games. Instead of just handing over the cash, point out ways they could earn the money for the treat. It could be for doing little jobs around the house or as a reward for good school work.
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