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3 Easy Ways To Encourage Your Kids To Save Money

Advert. This year we’re going on holiday to Disneyland Paris which I’m really excited about – what I’m not excited about though is the thought of my kids asking me if they can have money for 101 things while we’re over there. Not that I blame them (I’m after some Minnie Mouse ears myself) but I don’t want to be spending tons of money every time we pass a shop so I’ve been trying my hardest to get my kids to save some money for their holiday. Saving money isn’t really as much fun as spending it (for adults as well as kids) so Rooster Money have shared some of their best tried and tested tips to encourage your kids to save money as well as one that we’ve been doing at our house.

kids money saving

About Rooster Money

Rooster Money helps parents to teach their children the value of money digitally in a simple an fun way. Their tracker is available on iOS and Android as an app and you can sign up for children as young as four to use their digital Tracker which lets your children keep track of their money, save towards their goals, earn rewards while you can check what money is in their account. Rooster Money believe in families learning together about money so as well as the app they also have lots of guides with ideas that families can try out like this one on Talking About Needs and Wants and this guide on Talking About Interest.

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save money tips kids

Easy Ways To Encourage Your Kids To Save Money

Because we live in England but will be going on holiday in France we’ll obviously need to change some currency for our trip so for Christmas this year we asked if anyone who wanted to give the kids money as a gift could give in in Euros instead (don’t worry – they had more than enough presents!). Being in another currency has meant that their less inclined to ask if they can spend it in our local toy shop. Both children have made DIY money boxes for any money they earn during the year but they now have a separate one for their Euros too and we’ve been talking a lot about how they can save up some more money to spend while they are away.

rooster money chore chart for kids

 

Create a chore chart (like this chore chart from Rooster) and let your kids earn small amounts of money for tasks like tidying their room or unloading the dishwasher. We do this as well as ‘clearing challenges’ where the kids can earn money by clearing out clothes that don’t fit them anymore or books they no longer want – perfect if you want a bit of a clear out after Christmas.

rooster money chore chart

Encourage your kids to sell the things they don’t want anymore – Ebay and Facebook local selling groups are both really good ways for selling things in good condition to make a few pounds to pop back in their money boxes. For more ideas on encouraging your kids to saveĀ  money check out Rooster Money’s guide on talking about saving for goals.

How do you encourage your kids to save money?

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