Top Tips for GR8 Savers
Top Tips For Gr8 Savers
We have put together some of their top tips for teaching children how to develop a healthy and responsible attitude to money.
1.Help young people to identify a savings goal – it’s good for them to have both a short term and a long term goal. They will find it much easier to save regularly when they are savings towards something they really want.
2. Dissuade young people from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for. Share with them a story of something that you would have saved for when you were younger.
3. Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit. Incentivise young people by rewarding them for saving regularly – for example, top up their savings once in a while.
4. Give pocket money or allowances in small denominations and encourage them to put a little aside. Consider linking pocket money and allowances to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
5. Give young savers a transparent piggy jar so they can watch their money grow – and bring them to the credit union to open their own savings account!