We know it’s only just March and Christmas seems a long way off, but now is a good time to start kids saving for Christmas, who knows they might just give you a gift this year.
By the time children head off to school they’re already getting regular pocket money, so how do we teach them how to budget? Budgeting their pocket money will help them throughout their whole lives so it’s important to get started as soon as we can.
Rather than just opening up our purse/wallet and handing over cash every week, why not try offering a reward system for help given around the home?. It’s up to you to set the budget for each ‘job’ done well, it’s amazing how quickly they learn that a quick lick and a polish and clothes turfed into the corner will earn them nothing but a trip back to their bedroom.
Setting up savings jars for them where they can see their money grow is a great incentive. Encouraging them to save for a toy or game they really want will help them learn how to prioritize and budget. Try to encourage them not to make it too pricey as they may well get bored waiting and begin to wonder if saving really is worth the effort.
Every child loves Christmas and all the toys that Santa magically brings to their home. Why not encourage them to save throughout the year and buy their own Christmas presents for the family. Shopping for their own gifts will teach them the value of products and they might just cut down that 3 page Christmas ‘I really want a’ list for Santa.
Children learn really quickly, and it won’t take long before they become money saving savvy.
Give each child 2 savings jars, make sure to label them with their names and add ‘saving’ on one and on another ‘Christmas Presents’ will encourage both short and long term saving.
Even little ones who are still to young to handle money of their own can be offered a reward system with token or vouchers – each token or voucher equating to a reward. Encourage them to save their vouchers to buy small Christmas gifts for their brothers and sisters as well as mum and dad. Not only will they enjoy the shopping experience but giving the gift on Christmas morning will add another excitement to an already wonderful day.
How do you encourage your children to ‘earn’ their pocket money? Get in touch below and tell us your Christmas savings tips.