I Want To Help My Kid To Save Up

gloriouslyhappy

I made the grandchildren a small 'bank book' which was a ruled poundshop notebook, and gave it to them with a money box. They had to write down every credit ie pocket money, birthday money, and write down every spend with details what it was spent on. Every visit, usually monthly, they would bring their bank book and money box and we'd go through themt together. If it was up to date and there weren't too many 'spent on sweets' entries, I'd give them a cash top up. If they forgot to bring it or it wasn't up to date or had daily sweet shopping, there was no top up. They soon got the idea and took pride in saving up!

After a while, they got more sophisticated, and starting using the back pages for big items they were saving up for, showing a spend on the front pages towards the big item and listing it as a credit on the back pages. I agreed with them that as they got closer to their goal, I would give top ups for the special item.

I'm happy to say they're all at uni now and managing their finances really well, staying on budget while still having nights out. Most of them still keep big item savings books, except now it's cars and holidays rather than dolls and games, and I still give top ups. Those poundshop notebooks really did a good job!

BVic28

The bank book idea is amazing! My little one is only 11 weeks old currently but I’ll definitely be using this when he’s older, thanks so much for sharing!

sarahgd

My friend includes her children in the weekly shop and lets them keep any money they save, it helps them learn from an early age the value of money. Thought with difficulty?!? haha

pollyanna24

Blinkyspears21 wrote: »

Hello everyone!

I am a new mom with a five-year-old son. He already started school and is already asking about money instead of me preparing him a packed lunch. I would like to try giving him money but I would like to teach him how to save first so he won't use all of his money buying the things he doesn't even need.

Can you help me come up with creative ideas on how to save? Thank you!

How are you a "new" mUm when your son is 5 years old?

Plasticfreemama

My parents always gave me and my sister some pocket money at the end of the month, they literally sat down at the table and explained we could either use it straight away, or save it for later. If we saved it, then we would have more money in the pocket to buy more later on. Little by little they showed us the power of saving, and I remember just wanting the number keep going up rather than spending it. Maybe that could work?