• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Elle Olive & Co.

Lifestyle, Food and Family

Menu
  • Home
  • Lifestyle
    • For the Home
    • DIY
    • Beauty & Style
    • Health
    • Travel
    • Technology
  • Entertaining
  • Food
    • Recipes
  • Parenting
    • For Kids
  • About
  • Partner/ PR
  • Disclosure
  • Contact
Home ⇒ Parenting ⇒ Teaching Young Children About Saving Money

Parenting

Teaching Young Children About Saving Money

Apr 20, 2015 Stephanie

This is a sponsored post on behalf of Boiling Springs Savings Bank. All thoughts and opinions are my own. #teachkidstosave

Teach Kids To Save #TeachKidsToSave

My kids are all in that stage where they see and they want it. We avoid the store with them because it turns into begging for toys, books, games and pretty much anything they see! Fortunately, my almost 6-year-old son is beginning to understand the concept of money and we’re trying to teach him to save.

Our son kid gets a pretty good amount of money for special events, birthdays and just-because. We have started to try and teach him about the value of money, how to save and when to spend. This goes against his urge to just spend it because he has it – so needless to say, it’s an incredibly important lesson.

Here are three things we have done that have really helped him to understand the concept of saving:

Wants vs. Needs Activity

One of the first things we did was ask him to go though magazines and place objects into two categories – Things I Want & Things I Need. Of course, it took some discussion about the things that we truly need  – shelter, food, water, air, love, etc. Then we focused on things that e really want, but don’t necessarily need to have – skateboards, bikes, games, electronics, etc. This activity is great because you can use it as a jumping board to help your child select the things that they want the most. They can then begin saving for those items.

Wants-vs-needs-chart #Teachkidstosave

Save Charts

Once my son had an idea of what he wanted to save for, we created two charts. One was a goal for saving to spend and the other was a goal of saving to save – to have on hand for when he needed. it. When he received money, he had to decide how much to put towards each.

Saving-Chart #teachkidstosave

This is a really simple and visual way for kids to see, make sense and track money.

Bank-Savings #teachkidstosave

Make Saving ‘Real’

Get a Bank Account! Kids love feeling grown up and special. My son is excited to open his first bank account with his ‘savings.’ It can really be an effective way for kids to understand how the whole process works.  With April having been National Kids Savings Month, my local Boiling Springs Savings Bank in Florham Park, New Jersey has a Bucks Program which is aimed at teaching children under the age of 18 the value of savings. Saving money can be cool & fun and a visit to the bank is a great way to get started. (Find a location near you!)

Get some more info and share this video with your kids to help get them excited:

The Bucks program is  available to youths under the age of 18 and interest is earned monthly on all account balances. There is a $10 bonus deposited into the account if it is opened with $10 or more!  Boiling Springs Savings Bank is a Member FDIC. 

 You can also download this fun coloring/activity book to do with your child ahead of time! (To download, click upper right hand corner where it says “PopOut”)

 What are some different things you have done to teach your children about saving money? Share any tips or ideas in the comments below!

Share this Post
Pin on Pinterest
Pinterest
0Tweet about this on Twitter
Twitter
Share on Facebook
Facebook
0Share on StumbleUpon
StumbleUpon
0Email this to someone
email
Share on Tumblr
Tumblr
0

Tags: tips

Related Posts

  • New house? 10 Things to Do Before Moving In
  • Saving Money on Prescriptions
  • Cold Season: Tips for Feeling Better
  • Take Care During the Holidays | Simple Tips with V8 +HYDRATE®
Previous Post
Bridal Shower Theme with Wedding Paper Divas
Next Post
Healthy No-Bake Cocoa Bites with bare Coconut Chips

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Welcome!

Stephanie Caruso

Thanks for stopping by - I'm so glad you're here! I'm Stephanie and I love sharing simple ways to live -- at home, in the kitchen, on-the-go or with the family. So grab a cup of coffee and stay a while - I hope you find something that inspires you. 

Read more >

Let’s Connect

Facebook google-plus instagram pinterest Twitter YouTube email

Get Inspired

Have all posts and newsletters delivered to your email inbox!

Latest Posts

  • Printable Holiday Gift Tags with New Jersey Lottery Holiday Games
  • Tips for Hiring Tutors or Pod Teachers
  • Easy Guide for Decluttering Your Home
  • 10 Packing & Moving Tips
  • Increase Your Blog’s Traffic : 5 Quick Steps

Blog Archives

Lost & Found

 




 

Everywhere
 


Ahalogy Badge

Copyright© 2021 Elle Olive & Co. | Lifestyle, Food and Family