Teaching kids the value of saving money is an important life skill, and it doesn’t have to be boring! By incorporating fun and interactive strategies, families can inspire children to build good money habits early on. From creative games to real-world challenges, here are six fun ways to encourage kids to save.
1. Create a Savings Chart
A visual savings chart can help kids track their progress and stay motivated. Whether they’re saving for a new toy, a day out at Luna Park, or a special holiday, seeing their savings grow can be exciting.
Get creative with a colourful chart that represents their goal. For example, if they’re saving for a bike, draw a bike and colour in sections as they add more to their savings. This makes the process tangible and visually rewarding.
Pro tip: Stick the chart on the fridge or a family pinboard so it’s always visible.
2. Open a Kid-Friendly Bank Account
Many Australian banks offer savings accounts specifically designed for kids. These accounts often have no fees and offer tools to help children understand how their money grows with interest.
Take your child to the bank to open their account, making it a memorable experience. Show them how to deposit money and check their balance. The act of “banking” can make kids feel responsible and grown-up.
Bonus: Some banks offer incentives, like fun rewards, when kids reach savings milestones.
3. Introduce a Matching Program
Parents can introduce a “matching” program to encourage savings. For every dollar your child saves, you contribute a dollar (or another amount). This doubles their savings and shows them the power of consistent effort.
For example, if your child saves $20 from their pocket money, you might add an extra $10 as a reward for their commitment. It’s a great way to reinforce the benefits of saving and teach the concept of earning rewards for good behaviour.
4. Use Savings Jars
Old-fashioned but effective, savings jars make saving money a hands-on activity. Label each jar with a purpose, such as “Spend,” “Save,” and “Give.” This system helps kids learn to allocate their money wisely.
Every time they receive pocket money, encourage them to divide it among the jars. For instance, they might put 50% in the “Save” jar, 40% in “Spend,” and 10% in “Give.” Watching the “Save” jar fill up over time can be highly motivating.
5. Turn Saving into a Game
Gamify saving by creating challenges and competitions. For example:
- Savings Race: Challenge siblings or friends to see who can save the most money in a month. Offer a small prize for the winner, like a special outing or treat.
- Budget Bingo: Create a bingo card with saving goals (e.g., “Save $5 this week” or “Skip buying a snack and save instead”). Completing a row earns a reward.
These activities make saving fun and introduce kids to budgeting in a playful way.
6. Share Stories About Saving
Kids love stories, so why not use storytelling to teach them about saving? Share personal anecdotes about how you saved for something special or found creative ways to earn money as a child.
For younger children, read books that focus on money lessons, such as The Berenstain Bears’ Trouble with Money or Australian stories that focus on values like sharing and saving.
Role-playing games, like setting up a pretend shop, can also be a great way to teach younger kids about managing money and giving change.
Final Thoughts on Encouraging Kids to Save
By making saving fun and interactive, Australian families can help kids build financial skills that will last a lifetime. Whether it’s through visual charts, games, or real-world challenges, these activities turn a practical life skill into an enjoyable family experience.
What’s your favourite way to encourage kids to save? Share your ideas and join the conversation!