Teaching your children to become savers
Top tips to help teach your children about saving
Raising your children as savers is one of the most valuable gifts you can give them, as it’s a habit that will serve them well throughout their lives. However, it’s not always an easy lesson to learn. To help you get your kids into the habit, we’ve put together some ideas to help them understand the joy of saving.
The penny jar
For a child, a glass penny jar is an easily understood idea, a clear visual demonstration of saving in action. If you have two or more children, separate penny jars can add a handy competitive element. You could even mark the jars with the things they can buy when the coins reach a certain point.
Savings goal chart
Like a height chart or a bedtime clock, a savings goal chart is a great way to help children understand what can sometimes be a difficult concept. Having your children design the chart themselves and talk about what they’re saving for will help to engage them and give them the motivation to put their pocket money aside rather than spend it all at once.
Lead by example
If you do something your children are more likely to follow suit, whether you are eating your greens or wearing a bike helmet. Have your own savings pot, keep it on show and make a point of adding a few pounds every week. Tell your children what you’re saving for and, when you eventually buy that item, remind them that you’re using the money you saved.
Boost their savings
Tell your children that if they save 20p, you’ll top it up with an extra 10p, most children will comprehend that this is a good deal. Boosting your children’s savings in this way serves two purposes:
- It creates a sense of reward around the idea of saving, so they can see that saving isn’t only about sacrifice.
- It’s an introduction to the idea of interest and the fact that savings grow into something bigger than the amount you originally had.
Children’s savings accounts
There are lots of savings accounts on the market designed with young savers in mind - many of which can be opened with as little as £10. Taking your child along to the bank or building society to open their account and speak to the staff will help them feel involved in the process.
Introducing the idea of saving at a young age and making it fun and rewarding will help teach your child the value of money and prepare them for a future of healthier financial choices.Find out about Leeds Building Society's Children's saving accounts View accounts
This guide is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this guide and you must make your own decisions, we recommend that you seek independent advice if you have any questions or queries.