Let's talk about... kids saving money
Not nearly as exciting as that 90's song playing in your head, but a very important topic none the less. With the move towards contactless payments, and nobody having cash anymore, our kids have little concept of money. It is never too early (or late) to start teaching kids about finances, specifically teaching them the importance of putting their money in 3 buckets - some for spending, some for saving, and some for donating.
To start, they have to make money to be able to learn what to do with it. Rather than just giving your kids money, make them work for it. They'll also receive monetary gifts at Christmas, birthdays, and other occasions so those are great times to guide them on how they can make the best use of their money.
We all know kids love technology, specifically our mobile phones. Some mobile apps can be educational for our children, and QUBER mobile savings app is one of them. We recommend setting your children up with a couple digital saving jars of their own - one for saving and another for charity. Help them decide what they would like to save for, and where they would like to donate their money. Here are some great tips on how you can help your children fill their saving jars:
Setup a weekly rule to deposit a certain amount every week
This one is popular for those parents who give their kids a weekly allowance. Ask your child how much they want to keep for spending, and how much they'd like to put in each QUBER saving jar. Then add a weekly saving rule to each jar to deposit that amount weekly. The amount will come right out of your bank account into their jar, so you won't have to worry about finding that extra cash laying around.
Save a small percentage of your Child Care Benefits to their jar
Use this as a 'matching' incentive to keep them excited about saving. At the end of each month, match the amount (or a percentage) of money they've moved into their QUBER saving jars. You can deposit this money using the 'Add spare change' feature. Your kids will love getting this 'free' money. Think of it as interest earned on their savings, another great lesson!
Save the change when they choose healthy restaurant choices
We all want our kids to eat healthier, and sometimes a little extra incentive never hurts. Eating out with our kids is inevitable, it's bound to happen once and awhile. But if you'd like to steer them away from the less healthy choices, then give them a small reward each time they make a healthy decision. Add a savings rule to one of their saving jars to round up the change every time you eat at the 'healthy' restaurant. Those little bits can add up, and your kids will see the benefits of making good choices.
Link their fitbit and reward them if they meet their daily goal
Speaking of healthy choices, if your child has a Fitbit device you can also give them small incentives whenever they meet their daily Fitbit goal. Link up their Fitbit account to QUBER and then set a Fitbit rule to automatically move money each time they reach their goal. Yes, it's that easy!
Save a portion of their money whenever grandma gives them some
Or grandpa, memere, pepere, uncle, aunt, or anyone else who thinks your kids are the next best things to sliced bread. Kids are cute, and sometimes money just falls in their lap. Lucky them! They may also get some extra money if they make good grades, clean your driveway, rake the leaves, or babysit. Now it's your job to help them learn what to do with that money. You can do a one time transfer of money into their QUBER saving jar at anytime using the 'Add spare change' feature. Let them decide how much they want to keep for spending, how much they want to save, and how much they want to donate. Of course, you can give them some guidance but it works best if you let them decide. When they start to see their saving jars fill up, they'll be motivated to save even more.
And of course, celebrate with them when they reach their saving goals
Reward them by giving them a few dollars towards their next saving goal! And that's it, they'll be on their way to learning good financial habits. Just be prepared for their new favourite question: 'How much money is in my jar?' Download QUBER mobile savings app to get started!