Photo:
iStock
Editor’s note: This article was sponsored by the Washington College Savings Plans (WA529).
Saving money — whether it’s for something small, such as a coveted toy or trendy accessory, or a big-ticket item, such as a computer, car or future education — is an often challenging and vitally important life skill to teach kids. And it’s harder than ever in a world geared toward instant gratification. But if you put a creative spin on it, saving money goes from daunting to engaging just like that, as your kids practice good habits and save for whatever their future may hold in the process.
Whether your kids earn money by completing chores, earning an allowance or just turning another year older (thanks for the fiver, Grandma!), instilling good savings habits is an important part of managing those earnings. Here are ten ways to help kids earn, learn and save, and have fun doing it, too.
1. Go on a savings-challenge treasure hunt
This activity not only encourages saving but also adds an element of excitement and mystery, turning saving into a thrilling adventure for kids. Organize a treasure hunt around your house or neighborhood. Then, create clues that lead to hidden jars of coins or bills. Each jar should be associated with a different savings goal set by your child, such as a toy they’ve had their eye on or a contribution toward their future education.
2. Craft a piggy bank
Gather old jars, shoeboxes or other types of containers and let the kids unleash their creativity by turning them into personalized piggy banks. They can use paints, stickers, magazine clippings or anything you have around the house to make them unique. Label each piggy bank with a specific savings goal, such as “Ice cream fund” or “Save for something big.” This hands-on approach makes saving tangible and fun.
3. Play savings bingo
Create a bingo card with different savings goals or actions, such as “Save a dollar,” “Skip a treat day” or “Earn money doing chores.” Each time a child completes one of these actions, they can mark it on their bingo card. Offer small rewards or prizes for getting bingo or filling in the entire card. This game makes saving interactive and encourages kids to set and achieve financial goals.
4. Set up a lemonade stand
A classic kid activity, running a lemonade stand teaches kids valuable lessons about money and entrepreneurship. Help them plan and budget for ingredients, set prices and track their sales at the booth. Encourage them to save a portion of their earnings for future goals, such as their education, or donate to a cause they care about. It’s a fun way to learn about profit, expenses and the importance of saving for the future.
5. Make saving scientific
Combine learning with saving by conducting simple science experiments that illustrate saving concepts. For example, use jars and different colored rocks or liquids to demonstrate how money saved over time can accumulate. Discuss concepts such as interest and growth over time in terms that kids can understand. Hands-on experiments make abstract ideas concrete and memorable.
6. Read a savings-focused story
Find books that center around the concept of saving money or making informed financial decisions. After reading together, discuss the story and its lessons about saving. Ask kids how they would handle similar situations, and encourage them to think about their own saving goals. Stories can be powerful tools for teaching kids about saving in a relatable way.
7. Create a goal-setting vision board
Help kids create a vision board for their savings goals. Provide magazines, newspapers and art supplies so they can cut out pictures and words that represent their goals, such as toys, trips or future college plans. Display the vision board prominently so they can visualize their goals and stay the course. This visual approach makes saving feel tangible and exciting.
8. Challenge the whole family
Turn saving into a friendly competition by setting up a family savings challenge. Each family member can set a savings goal, whether it’s a small purchase or a family outing. Track progress on a chart or whiteboard that everyone can see. Celebrate milestones together and encourage each other to stay committed to their goals. This fosters a supportive environment and reinforces the value of saving as a family.
9. Play financial literacy games
Sit down to play an online game or board game designed to teach kids about money management and saving. Games such as Monopoly, The Game of Life or digital apps can simulate real-life financial scenarios in a fun and engaging way. Play together as a family or encourage kids to play with friends to reinforce financial concepts and strategic thinking.
10. Plan a savings celebration
When your child has reached their savings goal, celebrate this monumental achievement with a special event or outing. It could be a picnic in the park, a trip to their favorite ice cream shop or a movie night at home. Recognize their efforts and the importance of reaching their savings goals. This reinforces their saving habits and encourages them to continue managing their money responsibly.
Teaching kids about saving doesn’t have to be dull or daunting. By incorporating these creative activities into their daily routines, parents can empower children with valuable financial skills that will benefit them for a lifetime.
While you’re concentrating on instilling strong habits in the kids, don’t forget about your own saving goals. Research the value of opening a 529 account for their education. Continue to contribute if you already have one. Washington College Savings Plans (WA529) offers two ways to save. GET is a prepaid tuition program in which you pay for future education at today’s prices. DreamAhead is a college investment plan. Your savings are invested as you wish and can grow over time. Both are excellent tools to help Washington families build their student’s future. Visit 529.wa.gov to learn more.
|
Sponsored by:
|
