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Encouraging your children to save

It’s never too early for your child to learn valuable financial habits. The earlier your child learns about money, the more likely they are to make better financial decisions later. We’ve got some top tips to help make money fun and to teach your child about the importance of saving. 

Girl putting coin in piggybank

Pocket money

Pocket money helps your child kick-start their savings and teaches them the importance of saving. Earning money for doing odd jobs around the house gives your chid a little extra responsibility so they can visually see the benefit of working and feeling proud of their accomplishments.

Open a bank account

Introduce your child to the concept of banking early by opening their own account so they can watch their money grow over time.

Teach them about banks

Visiting a bank and depositing money shows your child what a bank is and what they do. If you read through your child’s bank statement with them each month they’ll start to understand the process of money going in and they’ll see their balance steadily rise. Depending on the age of your child you can even introduce the idea of interest. It’s bound to peak their interest earning money for nothing!

Set goals

Speak with your child and find out what they really want to buy. Work with them so they can see how much they’ll need to save to achieve their dream. By letting your child work towards a goal you’ll be teaching them how to budget and save and they’ll get their massive reward at the end. That’s a big incentive!

Money challenge

Play a money challenge game when you’re next at the supermarket. Give your child a certain amount of money and a list of what you need. Let them choose the items and learn about calculating as they go. If they come back with change – challenge completed! It goes straight to their savings.
As parents, we all want the best for our children. By teaching your child the basics about money and the importance of saving you’ll be giving your child the tools to really succeed in life. 

 

If you need advice on opening a savings account, or you want more information on interest or youth accounts, our lending specialists can help you, 24/7. Give us a call, anytime.

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The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.

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