We’ve always been quite careful with money in our household and the children are fully aware that money doesn’t grow on trees. Its been a bit of a struggle teaching them the value of each different coin and what it means in real terms but i’m slowly getting there. We are now thinking seriously about saving for stuff.
Of course, once you’ve started saving its a good idea to think about a bank account. I’ve been looking at a few which are suitable for my little ones and in the process I’ve come across lots of accounts suitable for your slightly older children, for example this under 19’s account from TSB. This account seems to really hit the mark for this age group as once children hit the early years of secondary school its quite useful for them to have facilities such as Visa Debit cards and the ability to access cash easily.
These are my tips for encouraging your child to save:
- Focus on an end goal, look on the internet, in catalogues and discuss what might be a good and achievable thing to save up for. My children are saving towards big items, the eldest is desperate for an Xbox One, this has given him a bit of focus and encouraged him not to fritter little bits of cash away.
- Use a clear jar in bedrooms to save coins received in payment for chores
- From an early age make sure children understand the value of different things. I’ve also tried to get them to appreciate that certain things can cost much more depending on where you buy them, this never occurs to children) so for example, you can have TEN packets of Nacho’s for that one you can buy at the cinema.
- Get playing Money Snap, this will help the children with their understanding of coinage
- Make sure they see you saving up for things and appreciate how hard it can be having to wait
- Provide relations with the details of their bank accounts so they can put money in there instantly as gifts rather than sending over a bank note
- Take your child with you to the bank to open their account or do it with them on line, that way they will have some ownership over it
- Talk about saving in a really positive way all the time
- Make sure that you don’t succumb to the temptation to buy your children what they ask for when you are out shopping with them. This provides a great opportunity to introduce the idea of saving and also helps them to understand the value of money. Its a great life skill not to get something instantly
- Set budgets for yourself and the children and make sure your children see you sticking to your budgeting goals
Finally, make sure they enjoy the moment when they get to spend their money, make a real fuss of them and make a special day of it. Saving up is a real achievement and learning how to manage your money is a life skill which is sadly lacking amongst many people.
Disclaimer: I was recompensed for this post, i’m saving for a new bed!