We have a double bonus for you today! Advice on how to save money as a kid, alongside a brand new printable to help with that: a savings tracker that you or the kids can download for free.
In our view, it is never too early to encourage the kids to learn to save, from helping them to understand the value of money, to incorporating ideas into play, such as our pretend play restaurant, or grocery store. You could even give them reward bucks for completing tasks about the house!
This is a collaborative post.
Before we share our fabulous tracker, let’s chat about encouraging how to save money as a kid – we’ve got ten great ideas for you:
1. Understand the value of money
The first step in teaching kids to save is helping them understand the value of money. This can be done through simple activities such as comparing prices at the grocery store or explaining the cost of their favourite toys.
2. Learn through money games
There are loads of great online money games for kids that introduce kids to money, and concepts around it, such as buying a house, or owning a farm. These games help kids to understand its value though game play: something we all know that kids adore. They are design to help teach kids about earning, saving, and spending money in a fun and engaging way.
3. Set a savings goal
Setting a goal can motivate kids to save. It could be a toy they want, a charity they wish to donate to, or even a college fund. Our savings tracker has a page all about what they are saving towards to help them to visualise this.
4. Use a money saving tracker
A money-saving tracker can make the process of saving fun and rewarding. Kids can visually track their progress towards their goal, which can keep them motivated. We are, of course giving you one with this article.
There are six sheets within the tracker, and it is designed for saving in both $ and £, but you can, of course adapt this, whatever your currency.
The sheets include:
- Information on the kid’s ultimate savings goal,
- How money is to be earned,
- Tracking of spend, and finally
- Sheets to track savings in a fun and engaging way, thanks to our printable piggy bank!
In order to download this printable, just click on the button and image below.
5. Create a budget
Encourage your child to create a simple budget. This can help them understand income and expenses and the importance of saving.
6. Earn their own money
Allowances, odd jobs, and entrepreneurial endeavours like lemonade stands can provide kids with their own money to manage.
7. Open a bank account
Many banks offer accounts designed for kids. This can give them a real-world experience of managing money.
8. Practice delayed gratification
Teach your child that it’s okay to wait and save up for something they really want. This can prevent impulsive spending.
9. Encourage generosity
Encourage your child to set aside a portion of their savings for charity. This teaches them about generosity and the importance of helping others.
10. Lead by example
Children learn by example, so show them that you’re also saving money. Have your own jar of money or share your saving goals with them.
Remember, it’s never too early to start teaching kids about money. With these tips, kids will not only learn how to save but also understand the value of money.
If you like these ideas for kids – why not check out some of the other printables we have on the site around money and savings:
Here are some other ideas off our site too:
If you like what you see here, do sign up to our newsletter as well:
We’d love to see you again on the site, and cheers for coming as well.