Savings Tips for your Children

 

Help your children grow up with excellent savings habits

 
Start now by teaching children life-lessons on how to save responsibly and ingrain good savings habits for their future.

 

Reasons to teach children to save

  • To set savings goals and ward off impulse shopping

     

  • To encourage them to save and not to spend money they don’t have

     

  • To teach them to protect themselves against tough times

 

Start Early

 

Good saving habits introduced early will help build responsible savings habits which will last throughout life. Forming good habits, such as savings and budgeting, will give children a head start in life.

 

Teach Budgeting

  
It’s your decision whether you want to give your children pocket money and how much. If you do, pocket money will help children understand the value of money and teach them whether to spend it all straight away or save up for that special something by regular savings. You might also want to teach them the meaning of a rainy day.

 

Encourage Savings

  
You might want to encourage savings by setting a savings goal such as agreeing to match the same amount each time they save. Every Euro counts, so whether it’s their pocket money or a little helping hand from their parents and grandparents, encourage your children to start saving today.

 

  

Disclaimer: This information is general advice only and does not constitute any recommendation or personal advice. It has been prepared without taking account of your objectives, financial situation or needs. You should consider obtaining personalised advice from a certified financial adviser and your accountant before making any financial decisions in relation to the matters discussed on this website.

This is current at the time of publication (2 May 2014), and is subject to change.