Seven tips for teaching your child to save
If your child regularly receives money during celebrations like New Year or their birthday, they may be keeping it all in a piggy bank. But how do you teach your child to manage that money wisely, and what should they do if they end up with a large amount? Here are seven tips for teaching your child to save. Don't forget to download our handy savings calendar too!
Discover how you can teach your child to save with our Nachtwacht offer!
Why is it important for your child to learn to save?
Learning to save involves more than just setting money aside. By saving their money, your child learns how to...
- ... be patient
- ... do sums with money
- ... plan for the future
- ... work out what is cheap and what is expensive
- ... understand the difference between wanting something and being able to do it
If your child learns to handle money at a young age, they are often better equipped to make smart financial decisions later in life.
How do I teach my child to save?
Encouraging your child to save can be tricky, but these seven tips will make it a lot easier and more fun.
Talk about money
Explain how much their money is worth and what they can and can’t afford to do with it (for now). This makes the value of money more tangible and your child learns how saving increases their options.
Point out the importance of safety
Tell them why it’s not a great idea to keep all your money in cash and explain how adults keep their money safe and don’t put all of it in a piggy bank. Talk about the risks and how to avoid them.
Teach responsibility
Allow your child to keep some of their cash in the piggy bank. They can also help you deposit the rest in their digital piggy bank or watch you do it so they can see how it all works. This way, your child won’t feel like you’re simply taking their money away.
Make a plan
Choose something fun to save up for together, such as a game or a day out, and set this as your savings goal. If necessary, you can also set smaller intermediate goals to work towards along the way.
Reward saving
Attach a small reward to each savings goal your child achieves so they have a reason to keep on saving.
Leave room for a little fun
From time to time, give your child a chance to do or buy something fun with a small amount from their piggy bank. This can also be a reward for achieving a savings goal.
Use the savings calendar
Download the savings calendar and use it as a guide for a fun way to track your
savings progress.
Teach your child to save with Nachtwacht!
Kids don’t always enjoy having to save up their pocket money. That's why we’ve made learning to save exciting with the educational Nachtwacht activity book, ‘The Thieving Goblin’ (only available in Dutch). Check out the offer and teach your child about saving the fun way!
