Saving up for later can be tricky for a child. With these tips, you’ll make saving fun and easier to understand, by letting your child set their own savings goal, for example, or by showing them how their savings grow.
Saving money without knowing what you’re saving up for can be tricky. It’s easier when your child has a real savings goal in mind, like a mobile phone or a video game console. It’s important for your child to choose this themselves, because that’ll be much more motivating than if you choose something for them. This poster lets your child keep track of how much they have saved. This way, your child will see their savings goal get closer and closer.
Saving money without knowing what you’re saving up for can be tricky. It’s easier when your child has a real savings goal in mind, like a mobile phone or a video game console. It’s important for your child to choose this themselves, because that’ll be much more motivating than if you choose something for them. This poster lets your child keep track of how much they have saved. This way, your child will see their savings goal get closer and closer.
Your child probably helps out in and around the house sometimes. Of course, they don’t always need to be paid for these chores, because some of them are simply their responsibility. But if your child earns some money doing jobs in and around the house, they will learn to save up their money for that one savings goal. Perhaps your child helps you weed the garden or wash the car. With this poster, your child can log any such jobs they’ve done for you. Did you know that children aged 13 and over are officially allowed to have a part-time job?
The chances are that your child will spend cash in a flash, even when it comes out of their piggy bank. By depositing cash into an account right away, you remove the temptation to go out on a spending spree, and it makes saving a lot easier. There are ATMs that let you easily make cash deposits. Doing this together with your child will make them realise that there is real money in the account. You can deposit up to €50 in coins free of charge, whether or not you have an account with ABN AMRO.
If your child is still young, you may not want to let them make payments themselves. That said, it can be good if your child can see for themselves what is happening in the account to see how their savings grow and whether they are getting close to the savings goal.
The Youth Person’s Growth Account lets you decide what your child can do with the account. It’s easy to set up online or in the Mobile Banking app. Initially, you may decide to only let your child check the balance, for example. You can then gradually let them do more with the account and you will always be able to monitor it.
Even though there is little interest to be earned on savings these days, saving is and will continue to be a good way for your child to learn that putting money aside is the smart thing to do. After all, who doesn’t want to be able to buy something they really, really want?
