How to teach your kids about saving

Teach your kids about saving with these fun and educational tips.

The older we get the more we see the value of saving, especially for those unexpected costs. Being able to save comes down to discipline, goal setting and ultimately having independence. These are skills that every child should learn early on! We’ve got a handy guide to making saving fun and educational for your kids.

Rewarding them for hard work

An age-old trade, rewarding your kids for doing chores around the house or getting a good grade at school for a test is a stepping stone for saving. When rewarding your child, encourage them to save for the things they want so they can see the result of their hard work beyond just a few coins or notes. An easy way to do this is to set up small buckets labelled with the item they want. Every time they do good and receive a little cash, urge them to split their money into their buckets to save for the item they want.

Do the R10 savings challenge

This is a fun way to save without even thinking about it. Every time your little one gets a R10, tell them to put it into an envelope. There are many ways to do this challenge, however the easiest is to give your child a year to collect all the R10’s. At the end of the year, you’ll be shocked to see how much they’ve saved. A little truly does go a long way! 

Give them a place for their savings

Whether a classic piggy bank, a dedicated box or even opening a kiddies’ savings account at the bank, giving them a place to store their funds will help them get to grips with knowing where their money is and avoid misplacing their savings.  

Teach them financial literacy

Times can be tough and often there isn’t extra cash to provide an allowance for your kids. Don’t stress! You can still teach your little one the value of saving and financial literacy without the cash. Create your own faux money using coloured paper to reward your kids when they do a task. Let them make use of their ‘savings’ to pay a small ‘fee’ for things such as sweets, takeouts or not doing their chores. If they are good at paying their ‘taxes’ on time, they can get a treat or a spoil at the end of the month!