We don’t have any rules around saving pocket money here and we leave it up to the kids whether they want to save their money or spend it. Obviously I want them to learn to save but at aged 10 and 12, I’d rather they saved because they wanted to and not because I told them that they had to if you know what I mean.
Miss Frugal has been doing really well with her money management since we got her a debit card with GoHenry. The app really encourages her to save with a great savings tracker which seems to be doing the job as far as making her want to save some of her pocket money but I don’t think Master Frugal is ready for a debit card yet so he needs a different kind of savings tracker to encourage him.
This is what we’ve come up with….
It seems to work really well as he just colours in one section per £1 that he saves although you could make one section a smaller of larger amount depending on the age of your child and the amount they want to save.
He has this on his wall above his desk upstairs so it’s really visible to him and it definitely seems to be working so far as he’s got a good few sections coloured in – he’s going for the multi-coloured ice lolly look. 😉
How do you encourage your children to save up?
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