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Money-saving tips for kids by age

by | Aug 25, 2021 | Parenting | 0 comments

* Post sponsored by Sanlam.

We’ve already shared the 5 healthy money habits we teach our kids. Now it’s time to take a closer look at one specific habit… Saving! It’s not the easiest skill to learn but an important one nonetheless. So let’s dive right into the details as we explore Money-saving tips for kids by age!

Money-saving tips for kids: Toddlers

Our kids need a working knowledge of money. Start by introducing them to what money is, in its most basic form: notes and coins. Let them touch, see and explore money. Introduce the function of money during play through toy money, setting up a pretend shop or business. Explain how we use money in our daily lives. See a visit to the store as a learning opportunity and take time to explain concepts such as wants and needs, buying and selling, price and budget, even planning and goal setting. Keep the conversation casual and easy to understand. Show your child how you pay, even if using a card. Explain that you’re still using money. Just in another form.

 “Seeing money in action” will make the topic of saving a familiar one that never needs to be feared. 

money saving tips for kids toddlers

Money-saving tips for kids: Young kids

Now that our kids are familiar with money and spending. It’s time to move on to saving! It’s a very difficult skill to master. Even adults struggle to save.

Saving teaches discipline, goal-setting, planning, delayed gratification and so much more. Our kids also get to experience the amazing sense of achievement once a savings goal has been reached.

Again starting concrete is best.

Make use of a savings jar to keep money safe. Set a short-term goal (a.k.a savings amount) that can easily be reached.

money saving tips for kids young kids

CLICK HERE to download your own “save spend share” money jar labels in various South African languages

  • Learn to put money away by making use of a savings jar.
  • Set a short-term goal (a.k.a small savings amount) that can easily be reached. For example, think of a toy they really want and could buy for themselves.
  • Encourage your little one to save regularly. We sit down once a week, usually on a Saturday when the girls receive their weekly allowances, and together, we help them decide how much they would like to put away and save for the week. Having a “money talk day” also helps obsessive little savers that struggle to let go of what they are saving for and gives mom and dad time to prepare and set aside a moment for intentional finance conversations.
  • Keep track of your saving. Seeing our savings grow is always a wonderful motivator to keep going. There are a few ways to do this but none as much fun as with the new Sanlam Savings Jar App! This FREE App uses fantasy and fun to teach kids the value of saving money, setting goals and working towards them. Set your own savings goals a.k.a “Saving Quests”, name your virtual AR baby dragon and then watchthem grow as you fill your virtual savings jar. The app isn’t linked to a bank account and you won’t be bombarded with sneaky in-app purchases either.
teaching kids how to save
sanlam savings jar app justamamma
money saving tips for kids

CLICK HERE to download the Sanlam Savings Jar App on Google Play OR the App Store.

sanlam savings jar app just a mamma blog
  • Praise their efforts continiously to help them stay motivated.

Money-saving tips for kids: tweens

At this age, our kids should know how to save and how to spend. Moving on to larger savings goals is the next step. And larger savings goals will need larger savings jars. In fact, a jar simply won’t do anymore. Now would be the perfect time to introduce a debit card and savings account. With everything being online these days, it should be easy to keep track of money coming in and going out. The Sanlam Savings Jar App is still a great motivator.

Keep the finance talks open too. A great way to do so is with Sanlam’s FREE 21-Day Savings Quest Calendar. Use it on its own or with your Sanlam Savings Jar App app to begin your journey to financial confidence. Financial concepts such as budgeting, salary earning, ATM machine, interest and more are explained. It also includes other fun facts and a few “dad jokes” as you journey together through the 21 days.

money saving tips for tweens

CLICK HERE to join the FREE 21-Day Savings Quest.

sanlam savings jar app

Money-saving tips for kids: teens

The last step would be to enrich your kids’ ability to save by introducing them to investing. Saving money helps us prepare but investing builds wealth. Investing does not replace saving. It’s about using the skills saving has taught them and applying them to a new area where we invest a percentage of our earning to see it grow at a faster rate than our savings would. Opening a SatrixNOW account would be a wonderful place to start this new journey. This tax-free savings account can be opened in your child’s name and has no minimum investment amounts, so you can put away as much or as little as you want. As our kids get older and more familiar with the idea of investing we will start looking into Tax-free Investments too.

Lastly, Remember to always set the example. Most of what our kids learn isn’t what’s being told to them. It’s what they see daily.

learning to save money with the sanlam saving jar app

Providing our kids with these basic financial experiences will make finances less “scary” in the long run. Our children will grow up to become confident adults who know how to trust in themselves and their abilities to make their money work for them. So, who’s keen to join us in raising a money-savvy future generation? Do you have any of your own tips to share?

CLICK HERE for more tips from Sanlam too.

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money saving tips for kids

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