Helping Kids to Save

17.04.08 / Money Matters / Author: Anna
Tags: chore chart, chores, debt, kids chores, kids saving, savings accounts

I have started a new thing with my kids. They are 11 & 13. I helped them set up their very own savings accounts.

They think that it is absolutely THE coolest thing. But from my angle, I am trying to help them understand the value of money and how important (and fun) saving can be.

The way I do it is this, they get their weekly allowance for doing chores around the house. Their allowance is anywhere between $5-$10 a week.

They have the normal chores that most children their age has. Like trash, vacuuming, dusting, dishes, keeping their room clean, and so on. So not too difficult. If they do all of their chores correctly without me reminding them, they get $10, if not then it goes to $5.

They have a chart so they know what days to do what. Plus it helps them to take responsibility for what they are supposed to do.

Now the coolest thing is this. They can take their allowance and spend it anyway they want to or if they put it in their savings accounts then I will match what they save dollar for dollar.

I feel that this is a great way to show them the value of saving. Plus, I don’t have to worry about them wasting money on silly things like candy and what not. They like that extra money and they LOVE seeing their savings accounts grow.

Wouldn’t it be AWESOME if that is how it worked at our jobs. Our bosses matching dollar for dollar what we put into a savings account. Whew!!! I think we would see a lot less people in debt!