Saving money is often associated with chores: an activity that is a must but is never fun. That is one of the reasons a lot of kids aren’t too keen to the idea of storing their money away. After all, why would they want to put it away when they can have it now?
The best solution to this is to find ways that can make saving a lot more enjoyable and turn it into something you and your kids can look forward to doing every day.
Here are a few ways you can help your family save money without having to sacrifice a lot. It can help you keep money in your bank account without taking the fun out of your life:
Create a Savings Goal Chart
Working towards a goal is a lot easier when you can see how far along you have come, and how much closer you are to your goal.
A savings goal chart is a great way to help your kids save up. Let your child draw the diagram and have them color in the amount of money they have saved. That way, they know exactly how much more they need to save towards their goal. Let them design the chart themselves and remind them always to color it in whenever they drop a few coins or dollars into their savings.
For example, a hundred-dollar savings that can go towards a new toy or a treat. It’s a great way to keep them motivated throughout.
Different Containers for Different Goals
In line with the savings goal chart, you can also have separate containers for different goals. You can have a red jar for the target of a new pair of shoes, a blue one for a new toy, and a pink one for a trip so they can buy souvenirs of their choice.
You can have them create a goal chart for each and color it to correspond with the savings jar. It works best if you work with your child’s favorite colors so they can keep going longer.
These jars are also a great way to start up their savings, which you can then use to open a savings account for them in the bank. That way, from an early age they can experience what it’s like to handle money as the adults do.
Pay Your Children for their Labor
For them to save money, your children need to know how to get money. Of course, relatives will give them monetary gifts for birthdays and holidays, but that’s not how we earn money in the real world.
For older kids, you can start by paying them for chores around the house like taking out the trash, mowing the lawn, and cleaning the garage.
Doing this can teach them the value of money and pride in their work. For parents, on the other hand, it can save them the trouble of having to do some of those jobs themselves.
Establish a Reward System
Are the charts failing to keep your kids interested in saving? Establish a generous reward system. Here, you can give your kids small rewards whenever they take a step closer to their goals. It can be an extra five minutes of watching TV or internet, for every dollar saved, or even an extra piece of cake when they make it halfway through their goal.
Mark the charts where your kids can receive their incentives to help them push through the struggle of giving up money for their savings. That way, they can have a visual idea of how much more they need before they reach certain milestones.
Kids won’t be the only ones enjoying these activities. Parents will be teaching their kids how to manage their money and watch them progress through it properly. That itself is a reward on its own.
What’s more, you can take some of these tips and use it for yourself, particularly the savings goal chart. Use it to help you keep track of your debt payment so you can improve your bad credit, and afford that car financing to get a new car.
Disclaimer: I have teamed up with Alpha Finance support of this campaign. We received compensation for participation in this campaign. However, all thoughts and opinions are my own.