Helping to create a GR8 savings habit!
1. Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit.
2. Help children to decide on a savings goals – it’s good for them to have both a short term and a long term goal. They will find it much easier to save regularly when they are savings towards something they really want.
3. Dissuade children from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for. Share with them a story of something that you would have saved for when you were younger.
4. Give pocket money in small denominations and encourage them to put a little aside. Having a piggy bank, or better still a transparent jar so they can watch their money physically increase, is also a good idea.
5. Consider linking pocket money to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
6. Why not bring them in to Waterford credit union to open their own savings account? This will give them a sense of independence and responsibility.