2. Open Them A Savings Account
As soon as your child has a basic understanding of the concept of money, get them their own savings accounts. Banks generally offer fee-free savings accounts for kids, and it’s easy to make the act of opening a bank account feel like something really special. This may even be a good motivator for them to save money.
Once your child has a bank account, encourage them to use it, depositing the money they receive as gifts or for work into that account for the future. It’s a great idea to have them work towards a certain goal, like something they want to buy or an activity they want to do. Remember that the best way to manage a bank account is to keep clear records, so get them a small notebook so they can make a note of the money they deposited and the money they spent.
3. Encourage Percentage Saving
Adults often struggle with savings because it can be an effort to put aside a small amount of money on a regular basis, even though over time that nest can grow considerably. Teach your kids the benefit of this kind of percentage saving early, and it might be a lesson they carry all their lives.
If you pay pocket money or they get money from others for gifts or services, make sure you encourage at least a portion of that to go to savings. You can encourage this by paying any pocket money or chore earnings in small denominations i.e. 5 $1 coins instead of a $5 note.
4. Let Them Shop With You
Shopping with kids can be such a nightmare sometimes, but it’s also invaluable in teaching kids how money works. Take your kids shopping with you and tell them that you need their help to stick to your shopping list, and your budget.
Kids can learn about the different pricing levels of products by helping you find the cheapest ones on the shelves. It’s also a great skill to teach children how to calculate savings and to compare based on cost per weight i.e. $/100g. As they get older, you can also give them little financial challenges such as shopping for a birthday party meal with only a certain amount of money.
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