In today’s consumer driven society, it may be challenging to convince kids to set money aside for a rainy day. However, with the right strategies, parents can make saving money fun for their kids and help them build habits that will set them up for financial success.
Kids love challenges. One way to get children excited about saving money is to turn it into a challenging game. Have each member of the family set a savings goal. The goal should be proportional to their income. If a kid earns a small allowance, their savings goal should be smaller than an adult who earns an attractive salary. Consider using percentages to set the goals. Each person could aim to save thirty percent of their monthly income. Decide on a reward that your family will earn if every meets their savings goal. The reward does not have to be monetary. Get creative with your ideas. It could be a family game night, an extra hour of screen time, or a playdate for the kids. At the end of the month, sit down and have everyone disclose how much they saved. Reward yourselves, and then set your savings goals for the next month.
Incorporating a matching system can be another way to make saving money fun for kids. Teach your kids the concept of earning interest and delayed gratification by adding to their savings whenever they meet their savings goals. You can choose to add a fixed amount or a percentage of their savings. This will incentivize your children to save while helping their savings to grow.
Whether you choose to use these strategies or develop strategies of your own, finding ways to make saving money fun is an important step to setting your children up for financial success.