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Here are some tips for teaching kids about the importance of saving:
1. Make sure they have a piggy bank or some place to store loose change and other savings. It all adds up.
2. Give them a bonus amount with their allowance, but only if they agree to put it in savings.
3. Put extra money in their savings for every “A” on a report card.
4. Have them cut out a picture of something they want to buy. Then cut it into smaller pieces. Divide the cost of the item by the number of pieces. You can turn it into a puzzle or simply a reminder.
Every time they save a “puzzle piece amount,” they can add another piece until they’ve saved enough. This will teach them to save for a goal.
5. Mark a calendar as a special “Savings Day.” Create chores or simple tasks they can do to earn special savings amounts.
6. Set up a direct deposit into their savings account. Encourage them to make recurring deposits as well. Use your deposits as a way to match what they put in.
7. Hide a few dollars around the house in places no one ever looks, like the bottom of a sock drawer or in jacket pockets. When the kids find it, encourage them to save the “found” money.
8. Challenge siblings or even a group of friends with a savings contest. See who can save the most, and hand out rewards at the end. Reward everyone, and give the winner a little extra.
9. When you buy them little things, have them put the equivalent cost in their piggy bank
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