Encouraging saving does not need to be an ongoing struggle if interest can be engaged at a young age. One way to achieve that is to make it a game. Fun and novelty piggy banks are a useful tool when encouraging saving for children. They may in fact be too young to realise that this is saving, but as they get older they have already become familiar with the basic principle of putting money away.
Money banks are not a new concept. For years they have been modelled on favourite toys and characters and can be easily found in stores and on market stalls. The novelty side of the piggy bank market has grown and the choice has expanded to include some very amusing and eye catching models. Anything that attracts the child’s attention and keeps them interested has to be good.
Charities use boxes to collect money for their particular cause. These like the piggy banks, come in all shapes and sizes, to attract attention. Kids in particular love putting money in boxes with slots and by allowing this, the habit becomes reinforced as a good thing to do.
Offering an incentive usually encourages children to save money. By offering a reward when they reach a certain target it not only encourages them, but gives them a sense of pride and achievement when they achieve it. Do not make the target too hard or put unreasonable time limits on the task. Always offer praise when a target is achieved.
Parents and relatives open savings accounts for a child before they are born. By encouraging the child to add to this account, sums of money received for birthdays, Christmas or other events throughout the years. They can build up a tidy nest egg.
Possibly the most effective way to encourage saving for children is by example. Parents, who regularly put all their small change into a jar or piggy bank and encourage the child to do it for them, are setting a good example and establishing a habit. This habit is likely to carry on throughout the child’s life time.
You can learn more about teaching kids about money at our site. Allowance for Kids is a topic that can taught easily and effectively. Saving Money Children Teaching-Kids-About-Money.com have a lot of great resources.