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how to teach a child to save, parents and daughter put coins into a big piggy bank

How to teach your child how to save? Find out effective ways

Do you want to know how to teach your child how to save? See our methods! From the post you will also learn why it is worth teaching children to save money.

Saving money is one of the most important skills every child should learn. Learning to save from an early age can bring many benefits in the future. In this article, we will discuss some effective ways to teach your child to save money. The ideas have been sorted according to age groups to make it easier to find your way around them.

Why is it worth teaching your child to save?

It’s worth teaching your child to save money, especially for these few reasons:

  • will help him understand how money works and what its value is,
  • will gain a sense of security about their future,
  • regularly saving money will teach them responsibility, patience and discipline,
  • will develop mathematical skills and planning skills,
  • will be an opportunity to develop healthy financial habits that will be useful in the future,
  • will teach him the value of work and effort put into saving,
  • understand the difference between needs and desires.

As you can see, learning to save money is about much more than just accumulating it. It is the entire process of developing important life skills and values that influence adult life.

children put money into a huge piggy bank, learning how to save

How to teach a child to save – where to start?

If we want to teach a child to save, we should explain to him why it is important.
You can tell your child about the benefits of saving money. Let them learn about the possibility of fulfilling their dreams and ensuring a safe future. Show your child that saving is a way to get the things you need and achieve your goals.

First of all, you need to focus on how old the child is. It is very important to adapt the message to its age group. Don’t you know how to teach your child to save? You will find specific ideas later in the article.

Learning to save – preschool children

  • we start by explaining simple financial concepts. We explain how exchanging money for goods works,
  • learning through play – try to prepare simple games and activities during which the child will have to count money and learn to manage it. You can use small coins for this, it will be more realistic,
  • educational toys can also be helpful because they help children learn how money works in real life. These may be, for example, board games, store cash registers or mobile applications,
  • piggy bank as a simple way to start your saving adventure. Make an agreement that for a specific period of time (e.g. a month) the child will save all the funds it receives. After this time, check how much he managed to collect. Additionally, you can make such a piggy bank yourself – it’s a way to have more fun. A good way may also be a piggy bank with a favorite character from a fairy tale or book, it will be more attractive to the child,
  • you can introduce pocket money for additional household chores. This is about something the child did outside of his or her primary responsibilities. In return, let him receive a small salary, which will become his pocket money. In this way, he will learn that he can earn money for doing a specific job, and it may also encourage him to save money,
  • once your child knows how saving works, you can prepare piggy banks with specific missions. Let them reflect the purpose of saving money, e.g. for your dream toy. Thanks to this, the child will understand that having a saving goal also increases motivation.
little boy throws coins into a piggy bank, learning how to save money

Learning to save – school children

  • aat this age, you can easily discuss your first serious savings goals. Set a goal together, e.g. a new bike or a more expensive gadget that he wouldn’t get without an opportunity. This will help him understand that if he wants to buy something extra, he must first save money for it, and this takes time. The goal may also be something related to the child’s interests – e.g. if he is fascinated by astronomy, he can collect money for his own telescope,
  • consider a savings account for your child. If you decide to open such an account for him, take it with you to the bank so that he can see how the process works. Then encourage him to contribute even small amounts and explain that he can keep track of his savings progress. Thanks to such methods, the child will not only gain motivation to save, but will also learn financial planning,
  • introduce the concept of pocket money, and at the same time you can develop a simple budget together. As part of it, the child will learn how to allocate funds for various purposes,
  • you can organize a sale of toys that he no longer uses. A good way may be, for example, auctioning unnecessary items from a child’s room. You can put the money you earn in this way into a piggy bank or into a savings account,
  • board games are a great way to learn how to save and manage money. You will find many options on the market, e.g. Monopoly Junior or Cashflow for children. This interactive form of learning will introduce children to the world of money, money management and investing,
  • note that saving should be a habit. You can teach your child to save certain amounts regularly, which will make it natural for them.
a girl holding the coins she collected in her hands, how to teach your child how to save money

Learning to save for teenagers

  • developing a personal budget – suggest your child create a simple budget together. Let him determine how much money he gets, how much he spends and how much he would like to save. This approach will discourage him from spending money on unnecessary and ill-considered purchases. Plus, it will help him track his own expenses. You can find more about the home budget here: Spending planning,
  • using money management applications – this way you will always have your budget at hand. This will certainly make it easier for him to control his own expenses,
  • own savings account – help your teenager open an account where he or she can save money and track his or her savings progress,
  • choosing a saving goal – convince your child that it is worth defining a saving goal. The more specific, the better – it can be, for example, a holiday with friends, a new laptop or an apartment for the duration of studies,
  • finding your own source of income – if your child has problems with saving money, offer him some part-time work. Let him see for himself what the value of money is. You will definitely start to use your earned funds more economically. This is probably the best way to learn how to save in practice. You can find more in the entry on how to earn money at a young age,
  • educational board games, e.g. Monopoly, Cashflow or Finance. Learning through play is an ideal option for teenagers who are usually reluctant to learn and spend time together,
  • a related option are games or mobile applications that simulate real finances. In this case, we recommend the CashPlay game, which aims to develop financial intelligence. This is an online game that requires only a web browser. It provides financial education, so while playing, you learn, among others: concepts related to personal budget or investing. Cashflow game will make your child understand various complex issues related to the financial industry. In this online strategy and economic game, everything is explained in an accessible way. You can see for yourself! Sign up for CashPlay and show it to your teenager.

Finally, we will add something that should be obvious, but is not always so. The point is that each child is different, so specific ideas should be adapted to both their age and interests. It is worth trying to make learning how to save interesting and engaging for your child.

You can also test out money-saving apps and then show your child how they work. If it is older, it will certainly have no problem operating it. Thanks to such tools, they may be more willing to save and record their expenses.

parents together with their son are in piggy banks, visualization of teaching about finances


We hope that after reading this entry, you now know how to teach your child to save money. Remember that you can modify these methods as you wish so that they are tailored exactly to your child.

We also encourage you to read the post where we discuss how to save money at a young age. You can also give it to your teenager!

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