Top 3 money saving tips for young savers

This is a guest post from the award winning blogger Penny Alexander. Penny blogs at parentshaped.co.uk about parenthood.

This week I lined up my Natwest piggies to sell on eBay and it got me thinking. Saving a hundred pounds to get Sir Nathaniel was a huge achievement and one my brother still envies me, but these piggies don’t fit into to my adult life and I could use the money for something else.

But I took a moment as I packaged them up for sale to reflect on what I learnt about money as a child, and what I want to pass on to my children. I may have got lost along the financial way here and there, but I will always remember and come back to:

1. Having a money box on a very high shelf and holding Dad’s hand tightly once a month as we walked to the post office to pay it into my savings account. That regular ritual of holding my own money, paying it in myself and having my own book gave me so much independence and taught me to make saving a regular habit.

2. Only ever taking at most half of my savings out and leaving the rest for a rainy day. Thinking really hard about what to spend the money on. That rule sticks with me now.

3. Feeling really proud of my achievements. Some kind of little reward or way of charting your progress as a little saver is great, what about a money height chart or a little present for every £10, £20, £50 saved, depending on the age of the child?

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3 Comments

  1. January 19, 2013 / 8:57 am

    Thank you so much for having me Becky, I’m glad I got to share my moment with the piggies before passing them on!
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  2. January 19, 2013 / 9:40 pm

    I was quite a good saver as a child, whereas my husband didn’t save anything. My savings were so useful when it came to buying a house and a car that I’m really thankful I was so sensible.

    I save all the money my children get for Christmas and Birthdays at the moment, but I know that will get harder as they get older.

    I should start to think about pocket money soon I suppose!
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  3. Helen
    January 21, 2013 / 8:20 pm

    I think it’s a good idea for parents to encourage their children to put pocket money aside and learn the value of saving pennies.

    Learning to appreciate the importance and necessity of controlling and managing finances is a lesson worth learning. My children are thrilled by the whole concept of saving pennies in a money box, it’s actually really good fun!

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