Introducing the importance of saving from an early age is important, so they develop good money habits before they leave home. This can be done gradually and in a way that is appropriate for your child’s age.
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At Beanstalk, as parents ourselves we’ve had some practice with teaching our kids and we’ve been speaking to other parents about saving for well over 10 years, so we know some tips and tricks that we’ve found successful.
Beanstalk is a revolutionary saving app for families that is making it easy for parents to save for their children, and we’re running a special offer for First News parents at the bottom of this article, find out more below!
Here are our top tips:
- Saving ¼ – this is a simple habit that we recommend introducing to your children once you start to give them pocket money or they receive birthday cash or money for other special occasions. Teach them to save ¼ of it and to put it in a piggy bank or a child’s bank account to save towards a goal. Discuss what they could spend it on, maybe there’s a new game they want or something they want to do.
- Celebrate successes – when they manage to reach their goal, celebrate it with them. They’ve done well to reach their target amount so let them know this, it makes saving more enjoyable.
- Don’t bail them out too often – this can be harder said than done but if they blow their savings before buying the thing they were saving for don’t always cave in and buy them it anyway, especially as they get older. It’ll be part of learning how to save and manage their money.
- Discuss wants vs needs – this is a great way to teach them to prioritise their money for needs (things that enable you to live) rather than wants (things that make life more enjoyable) and is a habit that is really important for when they get older and have bills to pay for.
- Show them their savings account – if you have opened an account for them, talk to them about how you’re saving for them. Show them their savings and discuss what you’d like them to spend it on when they’re old enough, be it a first car, money towards a house or help for university. Our Beanstalk app is simple to use and easy to understand, making it a great tool to show your children.
We hope these tips have given you some ideas on how you can teach your kids about saving. You can find out more about Beanstalk here. For a limited time if you open a Beanstalk Junior ISA we will match your first contribution up to £10, find out more below! T&Cs apply.
Transforming the way you save for your kids + £10 offer!
Beanstalk wanted to take the confusion and stress out of growing a nest egg for your kids which is why Beanstalk is different to other providers.
- You don’t need to commit to regular contributions
- It has handy tools to help you grow their savings
- All on one app, so easy to access and manage from your phone
- Beanstalk will handle the switch if your child already has a CTF or stocks & shares Junior ISA
Open and save into a Beanstalk Junior ISA before the end of February to get your first contribution up to £10 matched! Claim your £10 and download Beanstalk here.
Please note: Capital at risk. T&Cs apply. Beanstalk is a trading name of KidStart Limited, authorised & regulated by the Financial Conduct Authority (# 473606).