Saving money—whether it’s for something small, such as a coveted toy or trendy accessory, or a big-ticket item, such as a computer, car, or future education—is an often challenging and vitally important life skill to teach kids. Whether your kids earn money by completing chores, earning an allowance, or just turning another year older (thanks for the fiver, Grandma!), instilling good saving habits is an important part of managing those earnings. Here are three ways to help kids earn, learn and save, and have fun doing it, too.
Go on a savings-challenge treasure hunt
This activity not only encourages saving but also adds an element of excitement and mystery, turning saving into a thrilling adventure for kids. Organize a treasure hunt around your house or neighborhood. Then, create clues that lead to hidden jars of coins or bills. Each jar should be associated with a different savings goal set by your child, such as a toy they’ve had their eye on or a contribution toward their future education.
Craft a piggy bank
Gather old jars, shoe boxes or other types of containers and let the kids unleash their creativity by turning them into personalized piggy banks. They can use anything you have around the house to make them unique. Label each piggy bank with a specific savings goal, such as “ice cream fund” or “save for something big.” This hands-on approach makes saving tangible and fun.
Make Saving Scientific
Combine learning with saving by conducting simple science experiments that illustrate saving concepts. For example, use jars and different colored rocks or liquids to demonstrate how money saved over time can accumulate. Discuss concepts such as interest and growth over time in terms that kids can understand. Hands-on experiments make abstract ideas concrete and memorable.
While you’re concentrating on instilling strong habits in the kids, don’t forget about your own saving goals. Research the value of opening a 529 account for their education. Continue to contribute if you already have one.
Washington College Savings Plan (WA529) offers two ways to save. GET is a prepaid tuition program in which you pay for future education at today’s prices. DreamAhead is a college investment plan. Your savings are invested as you wish and can grow over time. Both are excellent tools to help Washington families build their student’s future.
BY LYNN CASTLE
For Additional Information
WA529: Washington College Savings Plans
529.wa.gov