Children may want to run right to the candy store to spend their money, so it’s your job to remind them that saving their funds will result in more expensive items. The first step in creating a smart saver is to make saving a fun and creative experience. You may want to paint a piggy bank or old jar with your child. They can store their money here and watch as it fills to the top.
When children are saving for something specific, the process becomes a lot more fun. Ask your child what they really want, like a new computer or tablet. These items aren’t cheap and will require that your child saves for a long time. When their jar does become full, take them to purchase the item or to the bank to make a deposit into their account.
The bank is a fun place for children to learn about money. Bank tellers often keep small candies and suckers to give to children, making the trip rewarding. If this is your child’s first visit to the bank, don’t be afraid to ask the teller to introduce themselves and explain what they do. This is also a great time to explain how interest works and how money grows slowly in the bank, so it’s worth it to save for a long time.
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