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It is important to teach our children the importance of saving money! Personally, I believe if we instill this in value to our children at a young age, they will continue saving as they become adults. This is usually a daunting task for any child. Luckily, we can make this fun and exciting. So, start today by opening your childrens savings accounts! |
Here are several ways to make savings fun for children:1. Open a childrens savings account in your children’s name at your local bank. Then, you can take your children to the bank to deposit their money. Even if they just deposit their five dollars from Grandma, they will start to feel proud! Our local bank also has cookies and lollipops, so my children look forward to choosing one treat every time they deposit their money. So, look into what your bank might offer, too! 2. Get your older children involved with their savings accounts, too. Not only is it rewarding and reassuring to see their money adding up in the bank, but this is also a great math lesson. After each deposit into their savings accounts, have your children record each transaction in their savings account passbook. Trust me, your children will feel so proud! 3. Buy your children a cute piggy bank for saving their money. Give them a quarter for doing a chore and explain how they can put it in their Piggy Bank. Your children will love saving their money in their own personalized piggy bank. Who wouldn’t? Check out the piggy bank that makes fun exciting noises every time you give it money! 4. Teach your children the importance of saving money for a special toy or outing. Tell them they can’t have everything. Things like, “If you bring your lunch to school, then we can have money to go out for dinner this weekend” might work for older children. 5. Be sure to keep your children’s money saving lessons age appropriate. For younger children, you must keep the concept simple. For older children, you might want to encourage them to save for larger items. For older children, you may also want to give them money for doing chores or work. If you don’t want to pay them, have your children create a flyer to pass out to neighbors. They may want to be a mother’s helper, rake leaves or shovel for a neighbor. Your children will enjoy earning this extra money, not only to save, but to spend a bit on their own terms. 6. If you really work your magic, they might want to save some money for college. Unfortunately, with the cost of college increasing, it is important to teach our children to save for college. Whenever my girls receive money for gifts, they always say, “Save money for college.” 7. Make savings fun! Teach your children about the value of a dollar. Blooming-Babies.com offers an educational placemat that teaches children what money is worth. 8. Praise and Reward your children saving money! We all love to hear kind words. Your children are no different and will love hearing your say:
a. great job saving money for college Not only is it important to teach our children to save, but for us to be wise with their money. Here are a few things you can do to help your children save money:1. Set up a local savings account for your children, so they can participate in depositing their money. 2. Find a higher interest saving accounts or money market account that you can transfer the money into as the balance grows. If you keep depositing five, twenty, and fifty dollars at a time, it will add up. 3. When the balance in the high interest savings account reaches $1,000 it is time to start checking into mutual funds. If you can deposit money monthly, you can start with a balance as low as $1,000. If you do not want to deposit monthly, you may need $2,000. Each mutual fund company will be a bit different when it comes to monthly deposits and fees. Just be sure to ask good questions. Interested in learning more money saving tips, visit Thrifty Living Tips.com. They offer many fun and thrifty activities for children and adults. With these fun ideas, we hope to make your life easier and more affordable. Please feel free to e-mail us to share your ideas in encouraging your children to save their money. We love hearing your stories! 
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