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  • FIRST POST
    • Blinkyspears21
    • By Blinkyspears21 11th Jun 19, 7:34 AM
    • 13Posts
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    Blinkyspears21
    I Want To Help My Kid To Save Up
    • #1
    • 11th Jun 19, 7:34 AM
    I Want To Help My Kid To Save Up 11th Jun 19 at 7:34 AM
    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!
Page 1
    • Dox
    • By Dox 11th Jun 19, 11:14 PM
    • 1,640 Posts
    • 1,238 Thanks
    Dox
    • #2
    • 11th Jun 19, 11:14 PM
    • #2
    • 11th Jun 19, 11:14 PM
    Does he get pocket money from you?
    • Blinkyspears21
    • By Blinkyspears21 12th Jun 19, 2:00 PM
    • 13 Posts
    • 1 Thanks
    Blinkyspears21
    • #3
    • 12th Jun 19, 2:00 PM
    • #3
    • 12th Jun 19, 2:00 PM
    Yes, I give him a daily allowance in addition to his packed food. It's not a lot though.
    • spadoosh
    • By spadoosh 12th Jun 19, 2:06 PM
    • 7,512 Posts
    • 11,007 Thanks
    spadoosh
    • #4
    • 12th Jun 19, 2:06 PM
    • #4
    • 12th Jun 19, 2:06 PM
    Yes, I give him a daily allowance in addition to his packed food. It's not a lot though.
    Originally posted by Blinkyspears21
    Change it to weekly or bi weekly. Then he has to suffer more than 24 hrs before the next top up. Will lead to better budgeting skills.
    Don't be angry!
    • ViolaLass
    • By ViolaLass 15th Jun 19, 9:26 AM
    • 5,601 Posts
    • 7,728 Thanks
    ViolaLass
    • #5
    • 15th Jun 19, 9:26 AM
    • #5
    • 15th Jun 19, 9:26 AM
    Does he want money with which to buy his lunch?

    Are you confident he'll make sensible choices?

    How will he spend the money? At school, or buying his own ingredients for a packed lunch?

    What is the daily allowance for?
    • TBagpuss
    • By TBagpuss 2nd Jul 19, 1:07 PM
    • 7,598 Posts
    • 9,888 Thanks
    TBagpuss
    • #6
    • 2nd Jul 19, 1:07 PM
    • #6
    • 2nd Jul 19, 1:07 PM
    What does he want the money for?
    I thought that mostly with school lunches you pay in advance, or via a card system, rather than the child having cash evey day.

    I think at 5 it is fine for you to tell him no, and then look at giving him pocket money and encoraging him to save.

    Maybe give him his pocket money weekly, (or twice a week) rather than daily. That way, he will get used to having to save some of it rather than spending it all in one go.
    • oystercatcher
    • By oystercatcher 7th Jul 19, 7:01 PM
    • 1,937 Posts
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    oystercatcher
    • #7
    • 7th Jul 19, 7:01 PM
    • #7
    • 7th Jul 19, 7:01 PM
    Does he have a piggy bank to put some of his pocket money into ? Maybe you can plan to save up for something he would really enjoy by putting a certain amount in the piggy bank , preferably from his own pocket money . Getting the money out and counting it and working out how much longer it will take to reach target are good maths skills too.

    Weekly pocket money is definitely better than a daily allowance. If he wants to spend the lot he can, but then he will have to wait a week for more money. Delaying gratification is a very useful life skill !
    • D_M_E
    • By D_M_E 7th Jul 19, 7:25 PM
    • 2,718 Posts
    • 72,651 Thanks
    D_M_E
    • #8
    • 7th Jul 19, 7:25 PM
    • #8
    • 7th Jul 19, 7:25 PM
    Offer him a small bonus - say 5 or 10% - on anything he does not spend and perhaps a bigger bonus if/when he gets to a pre agreed amount.

    Find something he really wants and tell him he will have to save up his money to buy it.
    • Fibobs
    • By Fibobs 3rd Oct 19, 7:11 AM
    • 1 Posts
    • 0 Thanks
    Fibobs
    • #9
    • 3rd Oct 19, 7:11 AM
    • #9
    • 3rd Oct 19, 7:11 AM
    Rooster Money is an app designed for use by parents an£ children to help make them money savvy 👍. Easy to find in the App Store or via Google.
    • notclover
    • By notclover 3rd Oct 19, 9:35 AM
    • 8 Posts
    • 0 Thanks
    notclover
    I think it'll be better if you give him allowance weekly! And maybe have a simple chart (you can help him make it) to keep track of the allowance. You can have goals if he wants to buy something.
    • jackieblack
    • By jackieblack 3rd Oct 19, 9:49 AM
    • 8,951 Posts
    • 14,746 Thanks
    jackieblack
    Are you in England?
    If so, your 5 year old is entitled to a free school meal so you don't need to give him lunch money...
    https://www.gov.uk/guidance/universal-infant-free-school-meals-guide-for-schools-and-local-authorities
    Last edited by jackieblack; 03-10-2019 at 9:53 AM.
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    • gloriouslyhappy
    • By gloriouslyhappy 5th Oct 19, 10:53 AM
    • 423 Posts
    • 855 Thanks
    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!
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