3 Fun Ways to Teach Kids How to Save
Saving money is one of the most important aspects of building wealth and having a secure financial foundation, that is why we encourage you to train your child to spend their allowance wisely, this is a valuable habit which they can bring with them all the way to adulthood.
1. START WITH A PIGGY BANK – Educating your child as early as kindergarten is very ideal. The easiest way for you to start at that age is educating them to save money by putting coins inside their “personal bank” which is the piggy bank, tell them that the goal is to fill the “bank” and illustrate that the piggy bank is for saving money for the future and that the more they save, the more their money will grow.
Kids do love to buy toys, it is not a sin to sometimes tell them that they should buy it out of their hard earned money inside their piggy bank, this way your kid will realize that he/she must work hard in order to get what he/she wants.
2. SHARE THE MONEY JAR LESSON – Set up three money jars for your child: one for saving, one for spending and one for sharing. The saving jar is for short-term savings, like the toy or food he/she cannot afford with a week allowance, the spending jar is the money your child can spend anytime with whatever and the sharing jar is the money that your child can use to donate to other family members or to other people and institutions such as church donations.
Each time your child gets his/her allowance, help him allocate a budget for each jar. It’s up to them how they want to split their allowance, but don’t be afraid to help them out.
To encourage them more, put a picture or stickers of their desired toy or item on the jar, this will be a visual reminder of what they’re working for.
3. OPEN A BANK ACCOUNT – Once the piggy bank or money jar is full, take your kids with you to the bank and let them open a savings account. Let them count how much they have earned and make them take note of how much they will deposit and motivate them that their money will grow as long as they don’t touch it.







