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“Daddy, I want that toy!”
At a Glance
The discipline of saving is an important habit to inculcate in a child from a young age. Sometimes, he/she may have a goal to save towards. If your child does, he/she will clearly see the benefits of saving and be motivated to do it.
First off, we have to look for opportunities to start teaching your child about savings goals. The next time he/she wants to buy an item that costs a substantial amount of money (such as a bicycle or an expensive toy), it could present a good opportunity to teach your child about saving for a goal. Try this simple activity to set a savings goal for your child so he/she can save towards buying that item with his/her own money.
Your 7 – 10-year old
It will take:
Printed “Savings box” activity sheet, clear plastic container, marker pen, colour pencils, double-sided tape, scissors
The importance of saving
The satisfaction of working for and earning something
The value of money
Follow these simple steps and tips to set a savings goal.
Step 1: Agree on an achievable savings goal.
If your child wants to buy an item that costs a substantial amount of money, it may take longer for him/her to save up for it. In this instance, you can consider matching his/her savings dollar-for-dollar.
Step 2: Set a realistic deadline to reach the goal.
You must provide a reasonable amount of time to achieve the goal. But the deadline should also be short enough to create urgency and keep your child focused on it.
Step 3: Come up with a plan to reach the goal.
You can consider giving your child extra chores to earn additional money; or determine an amount that he/she must aim to save weekly out of his/her regular allowance.
Step 4: Make a savings box.
Decorate our “Savings box” activity sheet with pictures of your child’s goal to give him/her constant visual reinforcement to save. Use double-sided tape to stick this sheet to the side of a clear plastic container that will serve as his/her savings box. Ask him/her to regularly update his/her progress with a marker pen on the table printed on the same activity sheet.
Step 5: Honour your agreement.
If your child reaches his/her goal, be sure to buy the thing he/she wanted so you can complete the lesson on the benefits of saving towards a goal.
An account that grows with your child's goals
|My Account will keep your child’s savings safe and grow in functionality as his/her needs (and goals) grow over the years. |