When you are ready to teach your child about savings, make it fun and engaging with a savings chart. These hands-on tools create an inspiring visual to track their savings. They will enjoy participating in the process and checking in on their progress.
According to the North Dakota State University Extension Service, saving for a specific goal is easier for children. Work with your child to determine a savings objective and pick one of these savings charts to get started.
Warming Up to Savings
You've probably seen the classic temperature gauge chart in a fundraiser or two. It's an easy visual to spot how far from your savings goal you are. Grab a large piece of poster board and markers to create your child's gauge. Place money measurement labels along the side of it. Your child will color in the temperature gauge as their savings increase.
A Winning Strategy
Imagine a game with money mountain instead of a licorice forest. You can build your board game with foam core board, colorful stickers, and construction paper. Each space represents a specific dollar value towards the savings total. As your child saves, they move along the board toward the savings goal.
The ladder chart is a simple visual you can hang on the refrigerator. Draw a ladder on stiff paper, marking each rung with a specific dollar amount. As your child's savings increases, they move a magnetic marker up the ladder towards the top.
Right on Target
Create a dart board target, with balance values increasing toward the center. Your child can use stickers to mark their place on the target, moving closer to the center as they near their savings goal. Your child will be aiming for a bull's eye with their savings.
Don't Spill the Beans
Use a clear glass jar and have your child select an item to represent dollars saved. It could be beans, buttons or marbles. Each time your child saves a dollar, they add the designated item to the jar. When the jar is full, count out the items to see how much total savings has accumulated.
More Savings Fun
If you are looking for more financial inspiration for your children, the Federal Reserve has a variety of tools to educate children about money.
As the savings grows, your child can protect their money in an account of their own. At Coosa Valley Credit Union, we offer a passbook savings account designed with kids in mind. Bring your child to your local branch to sign up.