Take a look at this!
Guide to teaching kids to save
Saving money isn’t always easy, no matter what age you are. As you begin your life as a parent or grandparent, how do you teach your children to save? Whether it’s learning to count or counting the pounds for the latest toy, kids and saving are linked from the beginning.
Introducing money to children doesn’t have to be taxing; there are fun and simple ways to introduce finance at every age and stage.
Playing pretend is the simplest way to introduce money to your children. Getting your kids counting money whilst playing with toy shops and tills will help develop the idea of value. When you’re paying for something, let your little ones hand the coins over, for that extra confidence boost in counting coins.
The iconic piggy bank is a great way for kids to see their savings grow. So, get them involved in choosing or decorating their piggy bank and help encourage them to put some pennies away for later.
Now that they’re a little older, there are plenty of ways kids can save money, with a little nudge from you. Give your children a small allowance and teach them about what they can afford to buy. They’ll get their first taste of having their own money to spend, and more importantly, budgeting to get what they want.
Summer holiday coming up? Help your kids save for something over the summer. You can help them figure out how much they’ll need to save and they’ll get that winning feeling when they can afford it.
Teen spending is never easy to navigate. As their needs change, the spending on everything from activities to toiletries rises. You can help shape their adult spending by helping them open a savings account in their teens. You can enforce the importance of saving and teach them how interest works. Helping kids understand money will set them up well for the future; giving you peace of mind as they leave the nest.
The best lessons are often made through our mistakes. By letting your children make financial mistakes early can help them make more stable choices in the future. So, when the spend their money on something silly, you can talk to them about spending choices and cultivate better spending habits in future.
Saving away for a rainy day?
Even savings when you’re a grown up can be challenging sometimes. Sainsbury’s Bank offer a wide range of savings products to suit every pocket. From easy access to fixed rate products, you can put a little away for the future and earn interest too.
Our guide will help you find fun ways to teach kids about money, so they get the most from their money in future.
This Money Matters post aims to be informative and engaging. Though it may include tips and information, it does not constitute advice and should not be used as a basis for any financial decisions. Sainsbury’s Bank accepts no responsibility for the opinions and views of external contributors and the content of external websites included within this post. Some links may take you to another Sainsbury’s Bank page. All information in this post was correct at date of publication.