5 Easy Ways to Start the Savings Habit in Kids

Daniel Britton – The Financial Fairy Tales

Encouraging your child to start saving early in life can form a habit that leads to financial freedom

1. Set an example – have a jar or money box where you deposit your spare change

Even better, use a series of jars, one for saving, one for sharing and one for fun!

2. Add interest – when your child is old enough to understand the concept of interest, you can act like a bank and top up their savings.

This gives a little more incentive to save plus the opportunity to develop some maths skills

3. Open an account – go with your child to the bank and open a savings account.

Then make an occasion about going to deposit.

4. Save for a purpose – it’s much easier to create an interest in saving (excuse the pun), when there is a strongly desired outcome on the end of it.

Label a jar or piggy bank, or attach a picture of what your child is saving up for

5. Be consistent – For saving to become a habit it must be done regularly and often.

By doing something every day, like putting in your loose change, the habit of saving money becomes automatic

The Financial Fairy TalesMaking Learning About Money Serious Fun!

www.thefinancialfairytales.com