Teaching your little ones about the importance of saving as soon as possible is giving them the best start in life. The sooner they get used to handling money, counting their pennies and saving what they have, the more informed they’ll be and the more likely they are to go on to make better financial choices. Make the idea of saving fun!
As a parent you may be wondering how you can make the prospect of learning about money, engaging and – most important of all – fun. How exactly do you keep your little one interested when you’re trying to explain the importance of a Junior ISA to them? Click here to find out more about a Junior ISA from Wealthify. Well, your lessons must be age-appropriate and remember that your main aim is to build solid financial foundations. Need a little inspiration? Read on for 5 ways to make the idea of saving fun, for your little ones.
Play lots of money based games
They may be a little too young for Monopoly just yet – and the last thing you want is to start an argument! So, stick to more age-appropriate money games instead. Simple board games like Payday or The Game of Life are ideal educators. However, if board games are still a little too old for them, then practicing role-playing games such as the shopper/shopkeeper and spending toy money etc is the perfect place to start. You’ll get to spend some one on one time with them too, which is always great.
Get them a savings jar
Piggy banks are fun, but they don’t demonstrate how saving works. Children simply want to break them open and see how much is inside. Instead, swap their piggy bank for some money jars. When your child can place their savings into a jar, they can see exactly how much they’re saving and then they’ll be encouraged to save more. You could also have a second jar that they can fill with money for “little spends”, so they can treat themselves whenever they wish. By having two jars, and choosing between a short or long term investment, they’re already thinking financially.
Take a trip to the bank
A trip to the bank to open their very first bank account is always a fun experience. They get to sit in an office, and staff usually make a fuss of this big milestone. Banks usually have a few freebies that they like to present children with when they open their first account.
Give them commissions
Instead of giving them money for no reason, decide on some age-appropriate chores and pay them for their services instead. They’ll learn quickly that money doesn’t just appear from nowhere, it has to be earned. Then they can decide whether they want to save or spend their hard-earned wage.
Next time you’re in the store, or they want to buy something from a shop, help them count out their money and let them take it to the register. Physically handing over the cash helps them understand transactions and will also encourage interactions with cashiers too.
Thanks for stopping by today, I hope you’ve enjoyed this post.