At Donegal Town Credit Union, we want to encourage young people to develop a good habit of saving with our GR8 Savers accounts. Here are some top tips for encouraging your kids to save.
1: Consider rewarding children for regular saving. The amount saved isn’t critical; rather it is the savings habit which it is most important to nurture. Helping children to save small amounts on a regular basis helps to embed the habit.
2: Encourage children not to buy on impulse but to take time to consider their decision
3: Help children to identify savings goals – both short term and long term. In many cases, the concept of saving only becomes real when the child can see the rewards at the end.
4: Develop a savings plan or calendar to highlight when the goal will be achieved.
5: Give pocket money in small denominations to encourage children to put a little aside or to lodge their savings through our GR8 Savers accounts.
6: Consider linking pocket money to chores. This helps to embed the idea that money must be earned. The more effort required by the child to earn pocket money, the less likely s/he will be to squander it.
7: If pocket money runs out at an early stage, don’t rush to replace it. Providing additional money at the drop of a hat will defeat the purpose of providing a set allowance to the child.
8: Give children a piggy bank or better still, bring them down to the local Link Credit Union office to become a GR8 Saver. Call in and chat to our team anytime.