Being good with money is a valuable skill that can set you up for life, and if you want your child to grow up with good financial sense you’re going to need to start early. You should encourage them to start saving from an early age to ensure they’ll get into good habits, a great way to do that is to use children’s money boxes.
A money box can be a great visual reminder that your child needs to save and if you opt for novelty money boxes you can add some fun into proceedings as well. Novelty money boxes come in all shapes and sizes and they’ll love being able to put their pocket money away and if they see (or hear) how much they’ve got it could be a great incentive to continue.
You could coordinate the money box with other methods to really get your child into good habits. Help them come up with savings goals—perhaps they want to save up for a new toy or game, because if they’ve got something to work towards it makes it far more likely that they’ll want to save.
You could make that more visual too by, for example, drawing a picture of a thermometer and colouring it in as they save, helping them track their progress and see how they’re getting on. You might like to give them non-monetary rewards as extra encouragement, such as a sticker each time they save and you could even go for different colours according to how much they put away.
Of course, children’s money boxes are only the beginning. Once it’s full you might like to set up a bank or savings account for your child, and even that can be fun—many banks offer extra incentives for children and because they’re able to watch their money grow and see the interest add up it’ll put them in good stead for the future, so make sure to start early and you can encourage savings from an early age.
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