Bank accounts for children - how to maintain kids savings motivation
We all know how tedious savings and miserliness really are and they're even more so if you're little and in need of presents now. Here are Mozo's cardinal rules for the savings playground.
- Show them how their pile is growing. Regular statements, a colourful graph tracking savings, or Dollarmite-style account facilities can afford a comforting tangibility of their Scrooginess. It's all about making kids feel their in charge and managing their own finances.
Check out the children's bank account market in seconds.
- Give them a savings goal. Why save for a rainy day when you're perfectly happy jumping in puddles? Small, achievable and enviable goals can keep a kid focussed on savings projects.
Mozo's savings goal calculator will crunch the numbers to show just how soon that edible Lego will be theirs.
- More bank carrot: You'll want to reward your kids' savings success, and since their hoarded pocket money may not add up to a devastating fortune, a parental contribution for prudent scrimping is a great motivation.
Children's bank accounts that reward regular contributions are another great encouragement.