We’ve been talking about different money save ways tips since the beginning of the year. But what about the kids? How can they be included in ways to save money?
While living frugal is a great way for us as adults to save money, we can help our kids become money saving minded by teaching them about why it is important to save and how much fun it can be. Of course, this is all dependent on their age, but not only can you get some help from your kids when it comes to saving around your house, but you can set them up for a bright future as well.
Saving money does not have to be a hard process and there are plenty of fun ways to save money for kids. Encouraging your kids to have good money habits at an early age will help them have a sound financial foot!
Fun Ways to Save Money For Kids
Make a game of it. Get each of your children a piggy bank. One way to do this without spending a lot of money is to get a clear jar such as a used pasta sauce jar (washed out of course) and decorate it. If the kids see how much fun it can be to fill it, they will be encouraged to keep adding to it.
Get your kids involved in couponing. Kids love cutting things out of paper. Have them help you coupon by allowing them to clip your coupons and if they are old enough, help you scour weekly ads for price matching or coupon matching with sales. Take them with you to the store to have them help you grab the actual items and let them know how much they saved you.
Help your kids use an envelope budgeting system for things they want. When they earn money or get it through birthdays or holidays, have them stash some away in each envelope for their goal items. Give them free control to add to any envelope they want to. This allow them the freedom to save for something quicker and teaches them how to prioritize spending.
Play “The Bank of Mom (or dad)”. If they have a large item they are wanting such as a video game system, tell them you will match their contributions. If they put $5 away, match it with $5. They will see that saving can really add up.
If you have younger children (that can count basic coins), have them count out change for you and put it into rolls. My grandpa used to do this for me. He had a large penny jar that he would allow me to count out and do rolls of and whatever I was able to roll up, he allowed me to keep.
If you have older children, open a savings account for them with a higher percentage. Many banks have special savings accounts for children to help them learn the importance of not only saving money, but basic banking skills.
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How do you help your kids with fun ways to save money?
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