When it comes to educating your child about money management now is always the right time to start . You can encourage your child to save money in many creative and fun ways.  So find an approach that suits your child’s age and your personal circumstances.  Schools and colleges recognize the part finances play in our daily lives.  As a result learning how to be money-wise is an integral part of their curricula.  But I think its also important to discuss finances at home.  If you need a little assistance the following tips will certainly do the trick!

Most children will be expected to negotiate the complexities of managing money at some stage.  If children grow up understanding the principles behind household economics they have a head start.  For some kids the concept of saving is viewed as an old-fashioned approach to good financial management. However, previous generations understood the principles that underpin saving.

Working towards a goal and instilling financial discipline and responsibility.  Plus insuring against those especially rainy days!  My dad is a firm believer you shouldn’t buy something unless you have the money saved up already.  My dad always has a good handle on his finances.  Fortunately some of his advice has definitely rubbed off on me.

15 Tips to Encourage Your Child to Save

The following infographic gives you some useful suggestions and ideas.  All of which can encourage your child to save.  Also it provides insights into how children can learn to appreciate the inherent value of something.  Otherwise they tend to take things for granted.

Your child can have fun with the step-by-step approach below.  Overall it helps your child gain a sense of personal achievement whilst also teaching the practical methods of saving.  It’s possible to feel excited about how savings work and seeing them grow. There are hints on how to involve your child in everyday household economics.  They will learn as they  watch you do the shopping and juggle the family finances.

Try Personal Stories

But you can’t beat sharing your own experiences with them about what it’s like to save plus the benefits attached to it.  This can be positively reinforced using personal stories that provide some practical examples for them.

Infographic courtesy of Finance & Lifestyle

I really liked the tips they have given me some great ideas to try.  The Parent Match tip sounds really promising.  My two would definitely be incentivised if they realized I would match whatever they saved!  At the moment the money they have is always quickly ear-marked for stickers, football cards or sweets.  As soon as they get ANY money its gone!  So I want them to learn to save for something they really want.