• October 6, 2017

Encouraging children to save

Getting children to save is an important lesson in life.  The most important thing to remember is to make saving fun.  Here are our 5 top tips to teach your child to save.

  1. Provide them something to store their money in

This could be envelopes or jars but we think providing them with their very own home safe is a great idea, they can even choose the colour they want.  This gives them a secure to way store their cash and perhaps save up for something that they really want.  They will also love the fact that their hard earned cash is hidden away from any siblings!

The eSafes online shop is a great place to start looking for a home safe. Why not take a look at the phoenix colour range, ideal for a first safe!

 

 

  1. Make a savings goal chart

Are there specific things that you child wants to save up for?  It can be really motivating for them to create a savings goal chart, you can mark where they are as they progress towards their target.  Children like to count money and they can unlock the safe every week to count their money.  The budget home safes that are suitable for children are fitted with an electronic lock, this means that they will need to learn to remember the unlock code too.

  1. Match their savings

Another great technique is to match their contributions.  This technique really encourages good savings habits and if your children are older it gives them an insight into how a company pension works.

  1. Set a good example

You should always set a good example of savings money yourself as children usually want to be like their parents.  If you have a home safe, underfoor safe or wall safe where you keep your cash and valuables let them see how you keep your valuable secure and safe from theft.  Seeing you save will encourage their savings habits and inspire them to save even more.

  1. Open a bank account

Opening a bank account is a great way to encourage children to save for the future.  Once they have saved up money in their home safe taking a trip to the local bank branch is a fun and educational experience.  You can explain to them that bank safes are much bigger and offer guaranteed protection of cash from theft.

If you need any advice please contact us or come and visit us at our Newcastle showroom, we can be found at Fort House, 173 West Road, Newcastle upon Tyne NE15 6PQ or call 0191 238 6000.

  • October 6, 2017