I know from experience that money burns a hole in most children’s pockets ( meaning that they feel the need to spend whatever money they have as soon as possible!).
So encouraging them to save rather than spend has to be a positive: Ask children if they want something that is worth saving up for. whether it’s a toy or item of clothing: Having something to focus saving money for may just be the key.
Open a savings account for your child, then help them to learn to budget with their money- put some aside for things like sweets and comics and save a little of any money they get as pocket money more here.
Or money that they are given as gifts for birthdays and Christmas.
If your child is struggling to save remind them of that special thing that they wanted to save for in the first place,
My children were always encouraged when they saw how much interest the building society where they had savings accounts gave them.
Please share any expereiences or tips that you have for encouraging children to save.
As always questions and comments are welcome.
Until next time.
Karen
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Such an important thing to teach our children!
Absolutely, Donna, thanks for sharing your thoughts
We were tqalking about this with older children – we were constantly mentally budgeting in our late teens/early 20’s. Now with afterpay etc, everything is immediate. Not sure if that’s so good for them #Dreamteam
Thanks for sharing this with me, Lydia
This is something important for kids to learn how to do. It’s not always easy! It’s best to teach them early! #DreamTeam
Totally agree, Crystal
Hello, this post is one of my features for SSPS#270! Thanks for sharing with us, and we hope to see you again!
Thanks for that, Melynda
Thank you for the thoughts and advice. Currently we have a savings account for my son that we put into a CD for continued growth. He is also currently selling his toys that he no longer uses so he can save the money he earns for a dinosaur set he wants. It’s so important to help children understand these concepts when they are young. Thank you for linking up with TTMT.
Thanks for sharing your wonderful experience with your son, Iwlarkema
It does, doesn’t it… burn the biggest whole in their pockets you can imagine. Ours is almost old enough for an account, and fingers crossed this will help with the idea of saving. I always think it can feel a bit abstract until they are able to actually see money accumulating in funds. Thank you for joining us for the #DreamTeam xx
Absolutely, Annette, thanks for sharing your thoughts and for having me as a part of the linky
Delayed gratification is a concept that children really struggle with and they need to understand that before they can think about saving. Thanks for linking up with #DreamTeam
Absolutely, Laura