Saving money may not sound like the most exciting thing in the world… but it can be if you change your mindset. Saving money doesn’t have to be so complicated. It can actually be a lot of fun for kids. 

So many parents will open savings accounts for their kids and put money in there from birthdays or special occasions.

That’s a great thing! However, that doesn’t really teach them the value of a dollar or how to save. 

Of course, an 8-year-old would not have the same habits and goals as a 14-year-old. But they can still be independent and aware of their finances.

Keep on reading to learn how your child can save like a pro – even if they are still in elementary school.

Piggy Banks:

Every child should have at least one piggy bank in their room. You can easily order one on Amazon for as little as 5 dollars. If your child loves crafts, they can even decorate it with stickers or ribbons. 

Think about it. Your child may have more money than you thought, and it has to go somewhere right?

Everything from tooth fairy money to the ever so generous bank of grandma and grandpa adds up. Your child may be spending that money on candy, or it may be hanging out in the sofa cushions.

So, here’s what we’re going to do. Walk on over to your sofa right now and see how much money you can find in the cushions.

Just kidding! You can do that after you’ve finished reading this great article.

If your child doesn’t have a piggy bank right now, we highly recommend purchasing one. But if they do, it’s time they start using it.

Whether they receive 25 cents or 25 dollars, it goes in there! At the end of every month, they can decide if they’d like to spend some of the money on a treat or save it for the future.

Have Them Write Down How Much They Spend AND Save In A Week:

Writing down weekly expenses may sound like an adult activity, but trust us, it works for kids too! It just has to be done in a slightly different way. 

You can look online and see if you can find a cute notebook with your child’s favourite character on the cover. That can be their spendings/savings notebook.  At dinner or before bed you can sit down with them and ask them how much money they spent that day and how much they saved. Once you figure out the numbers, they can jot everything down in their notebook. 

At the end of the week, you can sit down with them and reflect. 

Ask them how they think that week went and if there’s anything they can do to make the next week even better!

Set Regular Goals:

We’re only human and none of us can remember everything. It’s so easy to set goals, but it’s quite another to follow through with them.  A goal without a plan is nothing more than a wish. 

You remember that notebook we chatted about a couple minutes ago? Well, that notebook can also be your child’s goal setting list.

Here’s an example. 

Let’s say your child really wants to purchase a video game that costs $40.

They may know they want that video game, but they have no idea how to make it happen. That’s where the goal-setting comes into play. Have them do the math and think about how long it’ll take them to save that $40 and if they could cut back on any expenses to reach that number faster. 

There is always more than one way to do something. Where there’s a will, there’s a way.  They can volunteer to do extra chores around the house, babysit their younger siblings or purchase cheaper items at lunch.

Final Thoughts:

Alright – we really hope you enjoyed these tips and find fun ways to start implementing them. 

Oh, and don’t forget to look through your sofa cushions later today for pocket change. Every dollar adds up, right?