Ways to Make Saving Fun for Kids and Teens
Financial responsibility is one of the most valuable life skills kids and teens can learn. Teaching kids how to save and earn money instills healthy habits at an early age. Early financial lessons help children and teens manage and invest money wisely as they grow into young adults.
Saving money can be fun, and here ere are six tips to help your child or teen earn and learn.
Let kids create their own banks using recycled containers, art supplies, photos and stickers. Coffee cans with plastic lids make the perfect pint-sized banks. If your child is saving money to purchase something special, take a picture of the item and tape or glue it to the bank for extra inspiration.
Start a Coin Jar Competition
Show kids and teens how quickly small amounts of money can grow into something substantial with a coin jar. At the end of every three months, cash in the coins and deposit them into your child’s savings account. Keep charts of past coin counts and hold a collecting competition to see if your child can top the count each time.
Create a Matching Contribution Program
A fun and motivational method for saving money is to offer a matching or interest bearing contribution for the money they save. For example, offer to add $50 to your child’s savings account for every $50 they save, or pay interest of $5 for every $50 they save. Not only will your additional contributions encourage your kids and teens to save money and save it faster, but it will also give them a basic concept of earning interest.
Inspire kids and teens to earn their money by getting their first job. Ideas like dog walking, pet sitting, bake sales, car washing or landscaping services are fun ways to ease into the working world. Let kids design their own flyers or create an ad for the community newsletter. Kids and teens can decide to deposit all of their earnings into their savings account, or donate a part of the proceeds to a charity of their choice.
Get Them in the Game
Use the power of online games to your advantage in teaching kids money management. The Practical Money Skills for Life website offers fun “dollars and sense” games developed by Visa. For teens, try Financial Football or Financial Soccer. Younger children may enjoy Peter Pig’s Money Counter, Ed’s Bank or Money Metropolis. Mint.org is another site that cultivates kids’ savings skills. Older kids and teens can create a million-dollar savings plan with “When Will You Be a Millionaire?”
Give Kids Their Own Account
Do you remember what a big day it was to receive your first statement or deposit your first birthday check into your very own account? Open a savings account for your child or teen to give them a sense of maturity and accomplishment. Plus, when money is deposited into a bank, it is more likely to stay there and earn interest. Kids and teens also benefit from money management tips and fun incentives from their financial institution.
Gulf Winds offers specialized accounts designed for kids and teens featuring more fun ways to save. Contact us to learn more and set your child up for financial success.
Photo Credit: Bigstockphoto.com user Wavebreak Media Ltd