When working with young children, treat saving as a form of collecting. Provide them with a nonbreakable, see-through bank. Show them how saving money is similar to collecting other items. Help the child locate a picture of what he/she is saving for, and tape it to the bank where the child is saving money. (This works for adults too!)
By the time a child is nine years old, consider opening a joint savings account with the child. Make a poster with a picture of the goal the child is saving for, and track progress in saving toward that goal. As money is added to the savings account, mark progress on the poster, showing how much more needs to be saved to reach the specific goal. Have a celebration when the goal is reached.
As children move into their teen years and begin working, it is important to continue encouraging the importance of saving. One way to assist teens in this process is to challenge them by offering a reward if they reach a specific savings goal. For example, if the teen saves $50 in six months, match it. The key to teaching youngsters the value of savings is to begin early and encourage regular savings. Of course, being a good role model will help too!
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