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3 Creative Ways To Encourage Kids To Save

One of the best ways to teach kids new things is to start early. It will likely become a part of their daily habits when they grow. And financial literacy is one of the crucial skills they will need in life. Unfortunately, the reality is different from what would have been ideal. A news media poll reported that 53% of parents had no savings for their children. If you want to set your kids up for success, then inculcating the savings culture is a positive start. And it is necessary to make the process as creative as possible to generate and sustain interest among your children.

Be savvy in letting them earn money

Several households admit their children receive allowances for completed tasks, usually age-appropriate house chores. The allowance system used by many families is considered a positive move because of the lesson it teaches kids. It works on the basic principle of earning money, not because a child feels entitled to an allowance.

On average, most kids between ten and sixteen earn $30 weekly for finishing different household chores they were assigned. Before adopting this system, it would be best to lay out some guidelines. Your kids must understand that earning an allowance is not only about completing a task. The chore must also be carried out well and completed to expectation. Being savvy in your approach will teach them basic life principles.

Provide a secure place to save

With the savings mindset already adopted, finding a safe place to stash all the money would be best. If you are yet to open a bank account for your child, a piggy bank will be a great place to keep those savings. Make it even more creative by choosing a themed piggy bank jar that appeals most to your young ones. Thankfully, manufacturers have caught on to the idea of helping children save.

Therefore, you will find several cartoon-themed piggy banks in almost all of your child’s favorite characters. You can check sites like dinosaur-universe.com for more options that may appeal to your young money-saving prodigy. Parents are often advised to help their kids choose piggy bank jar designs that don’t open so easily. Some come with special locks, making it impossible to take out money until they are full. Others may have to be smashed with a hammer. It would be fun to let your child choose what they want.

Offer practical incentives and targets for savings

According to child behavioral experts, using money to reward good conduct may not be a good approach. They believe that children will end up associating good behavior with how it impacts their pockets. This increases the risks of placing financial gains ahead of honest, interpersonal relationships. Simply put, there are better ways to do this than using money to incentivize your child. A practical incentive could be allowing them to use some of their hard-earned money to buy something they need. It might be sneakers or a newly released Xbox game. Before permitting this, your child must have hit the savings target you set for them. For example, saving $500 a year is a workable goal.