Fun Ways to Get Young Kids Saving
This post is sponsored by Fidelity & MEFA. All views expressed are that of our own. #UFundDreams
When I was little, I can still remember my first piggy bank. It was a red-headed Cabbage Patch Doll that I would put my hard earned change and even dollars in. Back in the early nineties, getting a buck was like hitting the lottery; I wasn’t quite sure of its face value worth, but I knew it meant I could get a lot of penny candy with it!
Growing up, my mom did a good job of teaching me to save money. I watched her carefully as she would cash her checks, and then take the money home to separate. A little money to this bill, a lot to that one; her system was intriguing and effective. I do remember that in the end, she would be left with just a few bucks for spending.
The most important financial lesson my mom instilled in me was to pay bills before pleasure. Not once did she neglect a bill for a frivolous purchase. Once I got my first job at 14, I follow her lead and even started saving for future events like a home, college, and a car. I had goals and was on a mission to make my $81 check spread as far as it possibly could. Now, fast forward 15 years, and I am a mother of 3 and have been teaching my kids fun ways to save money.
Even as young adults, I am sure most of you would yawn at the thought of saving. Why save money when you can live it up on check day? Oh, but that fun is only temporary! Not saving money for things like college, or home expenses are something that you will be sorry for down the line. Trust me, I see living proof of this every single day of my life. As a parent, I want my three kids to love to save so here are a few Fun Ways to Get Kids Saving:
1. Set up a Savings System: If your kids get $5 for allowance, have them divide their earnings into savings categories. You can use mason jars or envelopes. For us, envelopes work well because I will write out their 3-5 savings goals on each one. Currently, we have a bank envelope (gets the highest deposit percentage), toy envelope, and activity envelope for our young children. These would change as your child grows.
2. Set Savings Goals: Set goals on how much money they should be banking based on how much they earn per week. It will get them excited to possibly put a little more money in the bank. Also, if your kids are looking to buy a special toy, map out the sales price, and set goals on how quickly they can save for their desired item. A sticker chart can help get them excited to track their savings.
3. Teach them to be Frugal: Once your child has met their savings goal for a certain item, or activity consider helping them to scout out sales, or bargains. By teaching them that they can get more bang for their buck, they will start to be more selective and savvy while shopping. When I was younger, yard sales and dollar stores were my favorite places to spend my change.
4. Get them Involved at the Bank: Open an official savings account for them to deposit their “bank” money in each week. I know when I saw my very own passbook, it was motivation for me to want to grow my account by leaps and bounds. Some banks have special kids clubs where they reward kids for saving.
5. Get your Child Excited about the Future: I know kids will change their minds many times about what they aspire to be when they’re older, but get the wheels turning now. By letting your child know about all the different professions out there, it will likely get them excited to save for college. Parents, starting a 529 College Savings fund for your child is a great way to invest in their future. Kids can save their money for things like books and on-campus spending.
I am so excited that we have partnered up with Fidelity Ivestments & MEFA; also known as the Mass. Educational Financing Authority. For more than 30 years, they have been helping Massachusetts students and families afford higher education. Fidelity manages MEFA’s U.Fund, the Massachusetts 529 College Investing Plan a tax-advantaged way to help families save more for college.
Throughout the Summer of 2016, the U.Fund Dreams Tour will be having some awesome events around the greater Boston area. We are very excited to have some family fun and learn more about how the U.Fund can help us to save for our three children’s college educations. We cannot wait until the WGBH FunFest on July 16, 2016 from 10-4 pm at the WGBH Studios, One Guest St., Boston.
Stay tuned for coverage on this fun event! To learn more about it, head here to get your tickets!
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