Are your kids trying to save up their pocket money? Or are they always asking you for some money? Take a look at these tips to try and encourage your kids to save money:
1. Ask them if there is something particular they want to buy with their money. If they are saving up to by a new game, CD, DVD or something more expensive, cut out a picture of it and stick on their bedroom wall that way they will see it often and not forget the reason they are saving their money
2. Get them a piggy bank or storage. If they put their money away in a safe container and in a safe place they will be les tempted to pick it up and go and spend it and move the storage to a place where they will be less tempted to go and look for it
3. If they tell you what they are saving for and they go to spend their money on something else, remind them why they are saving the money in the first place
4. Get them to set a goal, count the money every so often and then get them to write down how much they have and how much left they have to save until their reach their goal
5. Talk to them about saving money. Tell them the benefits of saving up their money and help them understand the importance of saving money
6. Get them to do some chores around the house for some pocket money. If they ask if they can do the dishes, polish or sweep up in exchange for a couple of pounds, they will be a little closer to their target and keep on saving as they see their money mount up
7. Set a good example. Tell them and show then that you are also saving up by putting a little but of money into a jar/piggy bank or storage unit. This will show your kids that saving is normal, plus if your kids see you doing it, they will be inclined to carry on saving.
8. Give them a reward for saving their money. Every so often give them a reward for saving their money whether it be a couple extra pounds to add to their savings or buy them their favourite magazine or comic, they will feel pleased with themselves for saving the money and be more inclined to carry on saving if they know that they may every little while get a reward for doing so
What are your tips to try and get kids to save their money? Comment below and let us know.