Savings Ideas for Kids

With Josiah’s first birthday coming up in just a few days, I can’t help but wonder of the ways we could teach him to save. In order for him to learn the value of money we have to encourage healthy savings habit at an early age. Which is also why I came to this though … whatever happened to kids saving money? Things surely have changed from my generation to the kids of today. I remember as I was growing up I’d work hard just to get that toy I have always wanted. Many of today’s young adults are entering the world without a clue as how to save for the things they want. As parents, it’s time we went back to teaching our children about saving rather than giving them everything they ask for. Let’s take a closer look at some savings ideas for kids.

Helping Kids Set Goals
First things first. You need your children to have a goal. The goal should be something that motivates them to work hard. It might be the latest gaming system, a new bike, or something smaller. If your children have something they really want, they’ll work hard to save money. Your children can have a common goal, but it’s good for each child to have their own goal as well. Start with individual goals so that kids can better see the reward of saving money.

READ: Kids and money: Teaching kids financial responsibility -CNN

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How Kids Can Earn Money
There are so many ways for kids to earn money. Your children may get an allowance for doing their weekly chores. If they want to earn extra money, you can give them additional chores to do. Kids can also do things for neighbors, such as raking leaves or pulling weeds. Then there’s the classic lemonade stand which can be changed to a hot chocolate stand or even a place to sell crafts and artwork.

READ: What Smart Parents Teach Their Kids About Debt -Time

Watching Savings Grow
It’s important that children see money growing. A great way to do this is to create a tube on a sheet of paper and mark off lines that have amounts next to them. As your child saves money, she can color in the tube up to the amount she has reached. This is a great visualization, especially if money is going into a savings account. You can also purchase banks that will count the money as it’s dropped inside and display the total.

READ: Why don’t parents talk to their kids about money? -CNN

The Benefits
When you teach your children to save money at an early age, you’re instilling a value skill. Children will grow into adults that are less likely to charge items onto a credit card. In other words, you’re raising children to be financially responsible. Another benefit is having children who will work for what they want rather than just asking you for money. If you think that children stop asking for money once they move out, you’re wrong. This is why you need to teach children about savings.

When was the last time you talked to your children about savings? It’s never too soon to start teaching kids about money. Even if you have small children, you can teach them about putting play money into a bank and then trading it in for a small toy. Too many kids are leaving home with the idea that everything can be charged and paid off later. Raise your children with the mindset that you get the things you want after working hard and saving money.


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  • Nabanita Dhar

    This is such an important lesson to be imparted to kids. My daughter is going to be 3 and I’m not sure I have done enough to teach her that saving is important. Sometimes I feel she is too young to understand but I can’t delay it either.

  • Joan Cajic

    Oh I love this and the colouring concept because it not only teaches the kids but they also do something fun at the same time.My boy does love colouring, so making him save at the same time is a plus.

  • Czjai Reyes-Ocampo

    I taught my son how to save money as soon as he started school. He now has his own bank account where he deposits the money he saves up from school allowances and cash gifts from relatives and godparents. 🙂

  • Jessi Joachim

    I have been working with my 5 year old on saving and earning money. I think it is important to learn early on and establish good skills for the future.

  • lotta andersen

    It’s a great idea. I never thought about it to be visible for them in that way. But of cause, I need to do something to show them that their money grow. Glad I read your article.

  • Scott Gombar

    Awesome post. It is important to set goals (adults and children) and write them down. My son at 8 is finally saving some money

  • Tara Pittman

    My boys are earning money from yard work so I need to start with this. I also need to get them a bank account

  • Hannah Swancott

    That is a such a great idea, get them thinking about it early for sure! It will give them some responsility when they are a little older too.

  • Amber Myers

    I love this idea. I need to do this for my kids. My son is a teenager and is pretty good with his money. My daughter? Well, right when she gets some, she spends it.

  • Gladys Parker

    I had no choice but to save money when I was a child. Any money I received from relatives as a gift went straight to my little savings account via my Mom. I also has a piggy bank where I would save up change.

  • Maureen

    Brilliant idea! My parents taught me these steps as a kid, and it has helped me tremendously.

  • Emma Riley

    Such a great tips! For me, it is better to teach kids saving their money while they are little as they will never forget that even they get old.

  • Andreea Gonzalez

    I love all your ideas! And I do think we need to teach our kids to save from young age.

  • Lori

    It’s so funny- I was just talking to my son, who’s 10, about ways he could earn $$ for a PS4 gaming card yesterday- and we discussed helping neighbors in different ways. He also has to clean out the dishwasher to earn his allowance. Definitely important to have them starting early on learning the importance of earning money.

  • Maartje van Sandwijk

    So important for kids to learn how to deal with money! My kids just recently opened their own savings account and the lady at the bank explained to them what would happen with the money 🙂

  • Casey

    This is such a great post and I’m definately going to share this to my kids. I have taught them the learn to save concept at a young age because I was not very good at it and I don’t want my kids to be like me.

  • Diana Tidswell

    As a mother of two, it is so important for me to teach my kids in saving money in their early age.

  • Lyosha

    Great idea! i have never though about that in fact. But I remember how hard it was for me when I suddenly started using only my finances.

  • Agnes Vazhure

    These ideas are on point. It is really important to teach kids to save money while in their younger age. Such a great tips dear.

  • What Corinne Did

    It is so important to teach kids important lessons regarding money and how small savings can make for big rescue package should things in life did not go as planned!

  • Woodeline

    This is a great post. I don’t have children but I pay my brother for weekend shores. And I encourage him to save every change he has.

  • Nadj

    I was also good in saving when I was young. I surely will remember these tips so when I have a child in the near future, I can help then save money.

  • Anosa Malanga

    I love that parents can now easily teach their children to be able to learn how to save. Indeed such a great way to impart the importance at an early age.

  • ROsey

    It’s awesome that you’re concerned with teaching financial habits so early. I have started with my son early too, and I see that paying off already because at 11, he is more prone to save than to spend when he gets money as a gift.

  • Geraline Batarra

    As a parent it is important for a kids to learn how to save and to value the money in their early age. It is easy to teach a kid than to an adult.

  • Preet

    These are all a great idea, Teaching our kids saving, especially setting goal is so important. This could help them in the future.

  • Frank

    It’s so important to teach the value of savings and these are some great ways to do it. A lot of these ideas are really unique and sure to capture interest!

  • Hannah Marie

    It is important to teach them while they are young so they will know how valuable the money is and they will be wise in spending. Setting a goal is a good start, also we should be a good example for them.

  • Liz Siemers

    This is such an important topic that I need to pay more attention to as a parent. My daughter is starting to read prices of things and take note of how much things actually cost, and how money adds up, but we need to talk about saving more!

  • Ruth

    This is a really important post. Teaching children about money at a young age is not something that a lot of people think of but more people should do it ! 🙂

  • Natalia

    It’s always a great idea to teach kids how to save money. I’m definitely going to use your tips in the future when I finally have my own kids. 🙂

  • Emily Fata

    I love these budget planning books for kids! What a great idea to instil the habit of saving in them. 🙂

  • The Tale of Mummyhood

    There are some great ideas here, I love the idea of getting the kids to understand the world of money!

  • Bree

    This is such a great post – I have 3 kids and really need to start savings for them.

  • Sarah Bailey

    I think learning to save as you are a child really can make a difference as you get older. These are some great tips as well to help pass on.

  • krystal

    I have to be better about budgeting and including everyone in our plan. My son would like to learn about savings for sure.

  • eLAINE

    These are such good tips! Is this budget planner from Michaels? I’ve been thinking about getting a planner specifically to track my budget and remember seeing one at Michaels that looked pretty similar.

  • Catherine Santiago Jose

    Wow, these are so great and thank you for sharing this with us. I agree with you in teaching kids to learn how to save and how to value a money. By doing this you are not only raising a human knows how to use their money but a human who knows how to do hard work in making money and how to be responsible with their finances.

  • Amy

    I agree with the world being different today! When I was a kid I worked so hard to make $1 per week!

  • Sherry

    I have one child that is great at saving money. The other, not so much. I think having a goal to work towards is a great idea.

  • Nancy L.

    Excellent post, Angela! It is so important that children learn early about money and how to save. I think what really made an impression on my kids were watching the savings grow (as you noted). They know that they can each buy a car with their savings, but they don’t want to take the money out. Maybe we taught them too well! lol

  • Vanessa Delia

    I think teaching how to save is something very important to teach to our children. It is a lost art. Thank you for sharing.

  • Wendy Polisi

    There are so many things people make sure to teach their children so they will have great futures. This is one of the best. Thanks for sharing!

  • Bindu Thomas

    This is such a great idea! Its important to teach about saving money to our children. I love the concept of coloring.

  • Monique Starks

    My motivation to accomplish my goals as a child was to avoid my parent’s wrath! lol. I was a straight A “goody-goody” child my entire childhood who always won awards! I did get money for making the honor roll though, which was nice. But seriously, I love these suggestions!

  • Rhian Westbury

    I do think it’s so important to teach kids how to save from a young age as they appreciate the cost of things more x

  • Toni | Boulder Locavore

    These are really great tips! Thank you so much for sharing!

  • kumamonjeng

    Glad to learn about how kids can earn money, such as getting allowance for doing house chores. What a great idea to help them be reponsible and at the time time know the importance of earning money.

  • Stephanie Parrell

    My mom showed me how to save my money from a young age and that has taught me to be the way I am today. Its so important to teach good habits when they are young.

  • Yeah Lifestyle

    It is so important to teach children about the value and importance of savings. These are some great ideas. My children love to try and earn some money to put in their savings.

  • Alexis

    Teaching kids to budget and to plan are 2 things we focus on in our homeschool, it’s essential to their success as adults. Great tips, thank you.

  • Melanie williams

    Love this! Super important that kids are aware of the value of money. Also that it needs to be earned and used wisely xx

  • Heather

    My daughters actually started a business years ago and my oldest currently works for me part time. I think it’s so important to get them started early.

  • Shar

    I love the idea of having kids earn and save money! I think it’s so important to teach them to save so they know how to in the future!

  • Pooja Shama

    I have been thinking about this for quite something now so these tips would come handy for me. I believe if we incorporate these things early in life, they last longer.

  • Catherine

    So important to teach when they are young to be responsible. This is a great idea and a wonderfully organized way to set it up!

  • michelle twin mum

    It’s so improtant to help your children become money savvy from an early age. Mich x

  • Natalie Jerebic

    Very commendable that you are thinking about this for your young one. I am so glad my parents instilled saving tips in me from a young age.

  • gemma bell

    This is a very important lesson for children! Love the idea and will pass this on to others!

  • Dhemz

    Teaching our kids about savings and finances in general as early as possible is very important. Thanks for sharing!

  • lexi

    i am definately going ot put this into consideration for my son! he’s a toddler and we already started saving in his little piggy bank any spare change we have we let him put it into his piggy bank daily! thanks for sharing this!

  • Tiffany La Forge_Grau

    It is so wonderful to see a parent being so proactive in their child’s life skills education. So many times, those are the lessons we neglect.

  • Kimberly

    Love, love , love this Angela! I tried to teach my kids the value of money growing up and this is a conversation that needs to take place much more often! Thank you!

  • Kisha

    My son earned over $500 this summer by starting his own lawn business. It was getting out of hand him always asking us for money, so he came up with that solution. Needless to say our pockets were thankful and we were proud!

  • Surekha Busa

    It is so important for us parents to teach our kids saving their money and be more responsible with their finances.

  • What Corinne Did

    To be honest, I could use those tips coz i am so bad at saving! I do need to have some goals set!

  • Tonya Morris

    These are all great tips that I will definitely employ when I have kids! A fun planner like that one always motivates me!

  • Tonya Morris

    These are all great tips that I will definitely employ when I have kids! A good planner like that one always helps motivate me!

  • Jasmine Hewitt

    you can never start too early. teaching kids how to be financially smart is so very important


    These are all lovely ideas and it’s great for children to learn the value of money from a young age. I give mine money for chores when they do them.

  • Sarah

    This is a fantastic post! Encouraging saving money for children is so important! I remember when I was a child I had a chart as I was saving up for a furby!! Haha. Each task on it was worth £1 and as I crossed a task off it meant I was one step closer to my furby!

  • David Elliott

    I think creating a goal for your child and helping them in achieving that goal could be so very helpful. I know it’s such an important thing to teach your kids, the ability to save.

  • Katie

    It’s so helpful to teach kids about the benefits of a savings account. I also teach my kiddos about saving up and buying things that have good value. Great tips!

  • Liz

    This is really a good start for young people, for them to be familiar – and as they grow, they get the importance of earning and saving money.

  • Autumn autumnrosereo

    This is the most important lesson I think you can teach your kids! It’s not just valuing it but helping them understand it’s important – but your happiness can’t be bought either! Thanks for this!

  • stacey

    It’s very important for kids to learn about money early. Especially healthy opinions about it is a necessity to life and no more.

  • Jackline A

    I love this! It’s such an important thing for parents to teach their children and its great to find ways to impart those lessons early!

  • Danielle

    I completely agree with this! I really strive to teach my son about money and how important it is to manage it.

  • Anonymous

    Such a cute topic! I would definitely try lemonade stand or hot choco stand for my sweet little girl.