Kids Saving Money Ideas
Parent Saving Money Ideas
Change Jars
One of the easiest ways to save money for your kids each month is to have a change jar. We actually have two - one for the kids, and one for Christmas money. Half our change goes into the kids change jar, and then cashed in when it's full. It may not be a large amount, but every little bit helps.
Direct Deposits
If your budget allows, have a small amount direct deposited into a savings accont every month. Even if it's a small amount like $10, that adds up very quickly. You can decide if it's a school fund, or something just for them. See if your bank has something set up that allows you to direct deposit a set amount into a special savings account.
Bonds
This is a great way to set aside money for your kids. When you buy bonds, it's just as good as cash after a set number of years. If need be they can cash it in earlier, but it's always recommended you let them mature. This may not be a short term savings plan, but it's excellent for long term plans. Buying just one $25 or $50 bond every birthday or Christmas can add up to quite a bit. Possibly even a down payment on their first house!
Kids Saving Money Ideas
Money can be tempting to spend for everyone. Kids especially want to immediately spend it on toys, candy, or other cool items that are a "must have". Although if we teach our kids now how to save money, they will hopefully be more responsible adults.
Saving Charts
This works especially well if they are wanting something specific. If they are wanting an expensive toy and don't have enough, you can make up a chart to track how much they are saving. Visuals are great for kids, and encourages them to really try hard to save for something they really want. Your kids saving money won't be just a good habit, but a goal to them.
Matching Funds
By promising to match funds, they'll aim for higher amounts. You can do this two different ways. Either match your kids savings at a specific time (such as monthly, yearly, etc), or at the time of a big purchase. Encourage them to save more to get more in return. If they spend money, it's like spending double that amount. The promise to double your money is quite an inscentive!
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