As they won’t be able to see or understand your long term objective, getting them to put their birthday or Christmas money away will prove a little difficult. But with a little perseverance and patience your efforts will prove fruitful, eventually.
Give them a glass jar
Glass jars are a great way to save pennies or coins that are found on the floor as your little one can literally see their money stash growing. Get them to place it in their bedroom and whatever money they find down the back of the chair let them keep, so long as they aren’t going to spend it, yet.
Money target
Ask them if there is something in particular that they would like to have and how much it costs. Once you have established how much they need to get their item, help them make a chart that they can use to track their funds. Every time they get cash have them add it to their collection, each time getting closer to the target. Like the jar, this will help them visualise the benefits of saving.
Have your own money box
Kids learn by watching so make sure you have your own money box where you put any loose change. Keep it in a place that they can see and make a point of putting money into it.
Set up a savings account
Whether it’s with the post office, credit union, or bank, setting up your child’s very own savings account is an important way to teach them about saving. Receiving a little book and regular updates for some kids can help them feel grown up and are great incentives for your child to keep saving.
