READER REPORT:

Kids' savings: Make saving fun

EDDY GIES
Last updated 09:00 02/04/2014
Kid
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GOOD LESSON: Giving kids pocket money in exchange for doing chores teaches them how to earn money.

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The best way to get kids saving

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What's your best advice to help with kids get excited about saving? Eddy Gies shares his top tips.

The most important thing is to make it fun to save. 

Giving children chores around the home in return for pocket money is a great way to get them saving. 

Simple chores, like making your bed everyday (even if it's just pulling sheets up and keeping straight and tidy). 

Build an activity chart and place it on the wall and when chores are completed note them. 

Review every week with your child, giving encouragement along the way - sometimes gentle reminders are required.

Each task should have a value. Make a money tree or giraffe and get your child to colour it in as they reach milestones of savings. It's good to set targets, or certain heights on the tree or giraffe, to make it fun for the youngest ones. 

This format can be adapted as children grow up or have a reinforced discipline of saving. 

Share your savings tips by hitting the green button below.


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