Although our children may believe differently, money does not grow on trees. It's an old proverb, but a very true one. During these torrid financial times, where qualifying for a mortgage or even securing a small loan from one of the major banks has become fraught with difficulties, it has become more important than ever to teach our kids the value of money. At CAPE, we have a range of dedicated children's accounts, including the Childrens Super Savers Club, which are designed to give kids a little helping hand on their way to becoming great savers. Read on to find out how you can encourage your children to put a few notes and coins away each month.
At CAPE, we have a range of dedicated children's accounts, including the Childrens Super Savers Club.
Set a savings goal
Setting goals may not seem the most interesting way to get your children interested in savings, but if you (and they!) can manage to persevere with it, the rewards will be well worth it. A good way to help your child (depending on their age) set a savings goal is to have them draw a picture of something that they'd like to buy once they have enough money. At this point, you may have to reign in your child's imagination, as a spaceship or Lamborghini Gallardo is not quite an attainable goal at this point in time – though it's always good to plan for the future!
Rather, be sure that they choose something that is within reasonable reach, such as a book or toy – even a new bicycle is not beyond the realms of possibility. The main reason why it's best to start small is because you don't want your child to become bored with the savings process, which can happen if it stretches out over a long period of time. You'll want to show them that saving can be rewarding, but if they see no end product, it's likely that your little ones will give up pretty quickly.
Open a savings account
Now is a great time to open a Super Savers Club account for your child. There are a raft a reasons as to why this account is a fantastic way to start a savings journey, such as zero transaction fees and excellent interest rates. Once it's open, all you have to do is help your son or daughter out when it comes to looking after the pennies. One way of doing this is to match (or even double, if you're feeling generous!) what they can manage to put away each month – this way, they will reach their savings goal faster, and will still have something left over once that shiny new bike is in the yard!
Contact the team at CAPE to find out more about our childrens savings accounts.