Saving up

It is not always possible to buy everything at once; therefore it is important to encourage your children to save.

Piggy bank

You can introduce two piggy banks. One of these can be used for expensive items that the child wants to save up for.  It can only be emptied when there is enough money to purchase the item.  The second piggy bank can be used for everyday consumption, such as purchases of small toys or collectibles such as stickers and cards.

Children enjoy counting their savings and seeing that the money is there physically. This requires a piggy bank that your child can open, perhaps with a lock and key. It is stimulating for the children to see the amount of money increase in the piggy bank. You can make an agreement with your pre-school children that you will double the amount when a certain savings target is reached.

Saving for a holiday

Upcoming holidays present a good opportunity to start saving up money that can be used during the holiday. It is a good idea to give your child a certain amount of money for the trip or the holiday – preferably money that he or she has helped to save up. Savings can increase the joy of looking forward to the holiday. Give your child a wallet or purse so that he or she can buy ice cream or admission to amusements. It is difficult for the child to know what items cost, so it is helpful to learn that the wallet or pocket can become empty and when the money is gone, spending has come to an end.

Saving for an expensive item

Allow your child to become involved as you carry out research on your desired item.  Look up the Internet or in catalogues to compare costs of the item and differences in descriptions of similar items.  It is also useful to read reviews and comments that other customers have made.