There are huge benefits to teaching children to become GR8 Savers from an early age. Helping them to understand why they should save and how to save. Instilling an understanding of the value of money is a valuable life lesson.
Savings Tips for Junior Savers
Tip 1: Help young people to identify savings goals, both short-term and long-term.
A lot of the time, the concept of savings only becomes real when they can visualise the reqards waiting for them.
Tip 2: Encourage young people not to buy on impulse.
Reassure them that by sticking to their savings target they will be able to afford something they’ve always wanted.
Tip 3: Why not reward young people for saving regularly, especially if they resist the urge to impulse buy?
Remember, it’s the savings habit itself and not the amount being saved that’s important.
Tip 4: Develop a savings plan, calendar or mood-board with a countdown to when the savings goal will be reached.
A visual aid can be helpful to remind young people to stick to their goal.
Tip 5: When giving pocket money, give it in small denominations and encourage children to save a little of it each week.
Tip 6: It’s often a good idea to link money to chores or little jobs around the house. This helps to instil the idea that money needs to be earned.
Tip 7: Give children a piggy bank or a clear jar to save their money. And why not bring them along to Rathkeale & District Credit Union to open their own Junior Member Account – where they can watch their savings grow! Click here to see what you need to open a Junior Member Account.