Filling the piggy bank: money saving tips for kids

October 13, 2015

Whether you're saving for a new toy or a college education, having a financial game plan is helpful. Start saving when your kids are young so they'll be able to handle money throughout their lives. Here are a few tips to share with your kids.

Filling the piggy bank: money saving tips for kids

Set savings goals

  • It's much easier for kids to save when they have something to save for. Have them make a list of things they want — you can add to it as well.
  • If they have a concrete goal such as a new bicycle, doll, video game or something else, they will be able to visualize it and make it easier to set aside money.

Buy them a cute piggy bank

  • Sometimes it can be helpful for your kids to have a piggy bank or some other kind of storage where they can deposit money and not be able to access it.
  • It is tempting to spend money that you can get your hands on, but if they're putting it into a piggy bank, then it is out of sight and out of mind!

Teach them money-saving tricks

  • When you're out with your kids, teach them little tricks to help prevent them from spending money.
  • Instead of buying a soda at the store, tell them they should wait to have a beverage at home and put that $1.50 into their savings!
  • If they get lunch money, help them learn different ways of shaving down costs at restaurants, like coupons and daily deals, so that they can put the money they don't spend into their piggy banks.

Set a budget

  • It's never too early to increase your kids' financial wisdom. Sit down with them to talk about planning a budget.
  • You can see how much money they have each week, whether it's from an allowance or a job, and then look at how much they spend and what they need to spend it on.
  • If they want to save for an expensive item, they can do chores around the house to earn more money to put away in savings.
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