Please be aware of the “Flubot” scam targeting mobile phones across Australia. Learn more.
Make the most of your kids savings account
By creating financially stable foundations for your children through a kids savings account, it will enable them to have great understanding of the partnership between money and saving.
What is a kids savings account?
As your little ones get older, they’ll be playing house and shops like nobody’s business. As they’re learning some simple life skills, it’s a great time to start thinking about how to bring some good spending and saving habits into their lives.
Basic financial education from a young age can set them up with positive lifelong relationships to money and banking, and here’s how.
Top tips to encourage your kids to save
Opening a dedicated savings account that grows as they do is a great introduction to the world of banking. But the fun only starts there, there’s plenty to be had to get them saving.
1.Create pocket money rewards
Having their own account is only the first step, now they need to build some funds, and that means you can have a little fun along the way. Pocket money rewards are a great way to get the little ones motivated to save, and for good behavior. A little spruce of the house, putting away toys or helping with dinner can all be the valuable start that they need.
2.Save spare change
When it comes to saving, every little helps. So to set your little ones on their way, your spare change can be a welcome helping hand. If you do carry loose change around with you, a fun ‘piggy’ bank money box for the kids can come in handy here before it is deposited into their bank account.
3.Give them a goal
Saving gets exciting when there’s a goal, and so it helps to focus your little ones when they can see that they’re reaching milestones. Whether it’s a new game, a special shopping trip or putting it towards a new piece of sports equipment or hobby they might have. When they can feel the benefit, they’ll understand the importance of saving.
4.Create a timeline
Like all good goals, they need a timeframe in which the goal is to be achieved. With a mini timeline and plan, your little ones can get excited as they get closer, creating more motivation to save (and you may just get additional help around the house, bonus). A calendar and regular checks of their accounts balance via a banking app can keep the motivation going.
5.Create sibling rivalry
A little healthy competition never hurts, and what’s better than putting sibling rivalry to the test, to drive positive saving habits? And what parent will ever say no to two sets of extra hands helping to pick up after themselves!
6.Lead by example
The best way to set them up for success is to involve them in the experience of banking! Taking them to the bank and showing them how to deposit their piggy bank coins gets them in the swing of banking.
7.Praise when a goal is met
There’s no better feeling than pride in completing a goal, and so when your kids’ saving goals are met, make sure to meet it with a celebration, they may just remember it for next time.
Get your little ones started
Take the first step to setting up a kids banking account, and help them get an early start to financial education that’ll last them a lifetime.