Challenge your child to develop a new habit…to develop a savings plan.
If your child already has some money saved they can add to that. If they don’t they can start now!
Have your child develop a reason to save. We have prepared something to help you in this process. Download a copy of “Why Save” here!
For seven days encourage your child to put aside $1 each day in a jar, piggy bank or a container of some kind. This $1 can be either money they don’t spend from “lunch money,” part of their allowance if they receive one, money they are allowed to earn doing chores around the house, or by whatever other creative idea you can come up with.
Show them how to record their accumulated savings. Each box represents $1. Just colour in a box for each dollar saved each day. Download a Savings Chart here!
Encourage your kids to discuss their progress and to take ownership for their efforts. Engage them in conversation to empower them to continue.
Repeat as often as you like. Contact Money Smarts 4 Kids for charts of longer periods of time or if you wish you can make your own.