Nine tips to help you save for your child’s future

Helping your child save won’t only give some financial security but is an excellent way of teaching them to be financially aware and give a sense of responsibility. A recent poll* by Kent Reliance has revealed that 45% of parents don’t have a children’s savings account. While some responded to say they save in “other ways” only 38% of parents said they use a children’s savings account to build a nest egg for the future. If you need some inspiration, we’ve put together some ideas to make saving fun for everyone!

1. Reward your child by contributing to their savings

We all like to be recognised for hard work and achievements, so if your child has done well at school or in their extracurricular activities for example, a small monetary reward could help towards their savings as well as incentivise their efforts.

2. Make easy swaps

Have a family movie night at home instead of the cinema or make fakeaways instead of going out for a meal, and put whatever you save into your child’s savings account.

3. Become a marketplace magnate

As your children outgrow toys or receive presents they don’t want or need, think about selling these online or at a local car boot sale and save whatever you earn. Online marketplaces like Facebook are convenient and sites like Vinted have grown in popularity.

4. Encourage your child to shop around for a bargain

Helping your child find a bargain can be fun and encourage them to build good habits when shopping which could last a lifetime. When they choose the more cost-effective option, put the difference into their savings account and talk to them about the benefit of their little-and-often contributions.

5. Sponsor your child to reach milestones

A little incentive can go a long way, so why not use one to encourage your child to read or walk more? For example, offer a small bonus of one penny for every page read or one pound for every mile walked. You can then count the cash together and put it in their savings account.

6. Save birthday money

Birthday money doesn’t need to burn a hole in your child’s pocket. Before they get the chance to spend it on unnecessary things, save any money your children receive for birthdays or Christmas instead and let it build up for something special.

7. Set up a pennies jar

A few pennies soon add up so simply having a jar by the front door that you drop your loose change into can help build savings for your child – watch it grow, tally it up and then deposit it!

8. Pocket money for chores

If your child needs some extra encouragement to get stuck into their chores, a little pocket money that goes towards their savings could help motivate them to do more around the house and maybe give you a well-earned break too!

9. A good old fashioned money box

Sometimes the simplest ideas are the best. A piggy bank in your child’s bedroom could be enough to provide a visual reminder to save instead of spending their money.

Learn more about the Demelza children’s savings account or find out about the different types of savings accounts Kent Reliance offers, including savings, ISAs and bonds.

Demelza Hospice for Children is a registered charity (number 1039651), for more information please visit www.demelza.org.uk.

*Poll conducted online, June 2024 and received 650 votes.

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