how to save money

Ways to make saving fun for your child

 

ways of saving 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 an overseas trip and a smaller container for shorter term goals like saving up for a toy. Get your child to draw the labels for each jar.

 

savings plan for child

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 savings goal is S$50, divide it into 10 steps so that every time he saves S$5, he can place a sticker. This way, he can see himself getting closer and closer to his goal.

 

rewards for extra savings

Offer rewards

Using the savings chart, you can reward your child if he saves more than the intended amount or reaches his goal earlier than planned. Simple rewards can be an ice cream treat or extra half hour of TV time; or you can even match the extra savings as a ’bonus’.

 

saving in Singapore

Be a role model

Take the opportunity to show your child what it is like to save money when they grow up. You can use iBanking or your savings passbook to explain the benefits of saving in a bank account, such as security and interest earnings. It will inspire them to keep up with the good habit of saving later in life.

 

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