Are your kids good at saving?

Oct 11 • Featured, Saving Tips, Uncategorized • 868 Views • 9 Comments on Are your kids good at saving?

When I was about six I saw a Mickey Mouse book in a local newsagents. The book cost 80p, an enormous sum at that age (this was *cough cough* years ago) which might as well have been £800. I asked my parents to buy it for me and my dad said: ‘I tell you what. I’ll give you 10p a week pocket money. If you manage to save it for four weeks, I will give you the rest.’

It was quite a challenge, but every week I put 10p in coppers and pennies (and probably ha’pennies, who remembers them?) into my piggy bank and tried not to spend it on sweets. Four weeks seemed to drag but finally I’d saved 40p. My dad gave me the remainder and took me to buy the annual which was one of my favourite books ever – and partly because I’d saved  up for it myself. I read it until the pages fell apart.

So I’m a firm believer in encouraging kids to save from an early age.

KidStart recently launched the Save a Million for UK kids campaign, asking you to share your best money saving ideas (and be in with a chance of winning a cool £1k!).  But they want to hear your kids’ ideas, too. You can email them directly to support@kidstart.co.uk.

And if you want to leave your children’s ideas in the comments below, too, I’m going to give the boy and girl who come up with the most inventive suggestions for saving their pocket money these brilliant think pink  money boxes.

They even come with a key, which will make them irresistible for little savers.


written by Liz Jarvis

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9 Responses to Are your kids good at saving?

  1. Erica says:

    This on behalf of Erin (4) "Do jobs for money and put money in the piggy bank" She’s ill at the moment, so not very inventive, but we’ll work the sympathy vote! 🙂

  2. eleanor says:

    my 11 year old saw I had an old 200 french frank note and put it on ebay claiming £40 – not sure what the exchange rate would have been but she was chuffed to bits.

  3. Crystal Jigsaw says:

    Well you know me, I love Kidstart and have a bank account running!! Yes, I do think it’s a good idea to make kids save for what they really want. Amy is nearly 11 now and is "slowly" learning to appreciate things more if she’s bought it herself. I recently gave her some spending money when we went to Scotland and she spent it carefully. CJ xx

  4. helen armstrong says:

    My son (6) is selling his old toys and saving the money for the January sales to buy more Lego.We buy from charity shops and donate to them too and we can’t go anywhere now without him wanting a look ‘just in case there’s summat good in mam’!!He is very sensible and takes spending money on hols and we make him work out how much he’s spending and got left,teaching maths without him knowing!

  5. natasha persaud says:

    Well my son has just turned 14 and he is definately money motivated already. We agreed at the beginning of the year for him to set himself a monetary target and promised to match it on January 1st if he reaches his goal. He set £750 as his goal and has done everything from getting a job bussing tables at our local cafe to trading in school! He only needs to raise about another £100 or so. So proud of him!!

  6. Sarah Gemmill says:

    I’ve been trying really hard to make my little boy have a value for money but more to teach him to save. We always save half of everything he has ever been given –  if he got £10 from nanny and grandad for example, we would put £5 of it in his money box for ‘now saving and spending’ and we would go to the bank together and place the other £5 in his ‘big’ savings account which is only for big purchases which he saves towards.   He’s never known it any other way so is always happy to save half the money and as he is ‘in control’ of his own money he understands why and what he is doing. And once a year or so, when there is something big he has ‘really really’ wanted for ages, he can buy it himself with pride! I hope this ethic will stay with him.  :-)

  7. Becky says:

    I love your pocket money story i am sure the things you save for mean the most. my son frankie has just orderd a captai underpants book off amazon and paid for it out his savings.. He is beyon d excitied about it arriving and must have asked 30 x yesterday when it would come. I but him books all the time but the don’t ever mean this much. Great post

  8. Stella says:

    My son, aged just 6, has decided he would like to upgrade from his plastic Thomas train set to proper 00 guage railway. He suggested that he could sell his plastic railway on ebay and use that money to put towards the new set. He also suggested we wait until nearer to Christmas time as that was when he was likely to get more money for it! My 7 year old daughter has decided that she will make & decorate cupcakes to sell to make money to fund the things she would like. They are both currently negotiating for regular pocket money too.

  9. Wendy McDonald says:

    My daughters aged 8 and 14 have an "earn to save" scheme that we devised. They help out around the house and look after their baby brother to earn virtual pounds which we record in a special "bank book". They decide on an item they wish to save for and set themselves a target. When the total is sufficient they can request a withdrawal and we pay them the equivalent in cash. They also save birthday money and chore money from their grandparents in jars that they decorated with glass paint. Because they have set themselves a target, the money does not burn a hole in their pockets. They don’t waste cash or impulse buy, and they only buy the things they have planned for…they hopefully will continue this mentality into adulthood and not end up in debt buying things they can’t afford!

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