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Ways to make saving fun for your child

Because her success will mean more to you than your own.

how to save money in a fun way

 

use different containers to save money

USE DIFFERENT CONTAINERS

This is an interesting way to teach your child about short and long term goals. For example, use a big jar to contain savings for more expensive items such as a skate scooter; and a smaller container for more affordable ones like a new pencil case. Get your child to draw the labels for each jar.

 

prepare a savings calendar

DRAW A SAVINGS CHART

Once your child has identified his savings goal, you can help him make a chart. First, divide the savings goal into steps. For example, if the goal is to save S$50, divide it into 10 steps so that every time he saves S$5, he can place a sticker. This way, he can visualise getting closer to his goal as he goes along.

 

offer a bonus reward

OFFER BONUS BOOSTERS

Using the savings chart, you can reward your child if he saves more than the intended amount or reaches his goal earlier than planned. Teach your child concepts of interest compounding by offering a bonus if he does not ‘withdraw’ the savings for an agreed period of time.

 

encourage savings habit

PROVIDE GUIDANCE AND SUPPORT

You can encourage your child’s savings habit by reminding him whenever there is an opportunity to save more; for example, when he receives ang baos during Chinese New Year. Participate in his efforts by bringing him to the bank to deposit his savings when the containers are full.

 

For more information, visit your DBS Treasures Private Client centre or

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