Ways to Encourage Children to Save

It’s a known fact that Americans have problems saving money. According to a recent study by Google, 62% of Americans have less than $1,000 in their savings account. An even scarier statistic: 21% of Americans do not have a savings account at all!
To help bring these numbers down, it’s important to instill good money habits in children. Educating the next generation from a young age can help them learn habits early on that they can practice for a lifetime. By making saving fun and using a little encouragement, you can easily teach your children to save.   

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Ways to Encourage Children to Save

19 Oct 2017

Ways to Encourage Children to Save

It’s a known fact that Americans have problems saving money. According to a recent study by Google, 62% of Americans have less than $1,000 in their savings account. An even scarier statistic: 21% of Americans do not have a savings account at all!
To help bring these numbers down, it’s important to instill good money habits in children. Educating the next generation from a young age can help them learn habits early on that they can practice for a lifetime. By making saving fun and using a little encouragement, you can easily teach your children to save. 

Give Them Somewhere to Save

An easy way to get kids on the saving bandwagon is to give them somewhere to save their money! Whether this is a decorated jar, a savings account, or a good old-fashioned piggy bank, once they have a special place for their money, you’ll see them start to save up! You can make it a fun craft or let them choose their favorite bank style at the store.

Set Goals

Use this savings strategy to also teach goal-setting skills. Ask your child(ren) how much they think they can save over different increments of time. Work together to help them make a timeline of different goals they think they can achieve. Making them a savings road map can help them visualize their goals and help them learn how to plan.

Make it a Competition

If you have multiple children, make saving into a competition! Nothing sparks enthusiasm like a little competitiveness. Set a time frame for the competition and watch as they try their hardest to out-save their siblings. To aid in the saving, add a chore chart into the mix to let them have extra ways to earn some change.

Have Rewards

Sometimes, kids just need a reward to get them in the spirit of saving. Set up a savings amount they need to hit in order to get the reward, or set a smaller reward for each increment of savings, such as $10. To get the most out of this strategy, a reward could be opening a savings account or taking their change to a coin sorter.

Encouraging children to save can be fun and easy with the strategies above. As long as you teach them why it’s important to save and make it an interactive and educational experience, you’ll be helping them become better savers for when it really counts.

How have you encouraged your children to save? Let us know in the comments!

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