It’s never too early to find the best savings account for kids.
Teaching them to save from a young age helps build lifelong money skills like budgeting, patience, and understanding how savings grow.
Even small steps – like setting aside part of their pocket money or birthday cash – can create strong saving habits.
The right savings account makes it easier for kids to develop good financial habits. It helps them set goals, make smart spending choices, and see first-hand how their money can grow – all valuable lessons that set them up for future success.
7 tips to help your little ones create better saving habits
- Lead by example. Our children learn by watching us. Letting your child see you save shows them how money works and encourages good habits early on. When they see you setting goals and making smart choices, they’re more likely to do the same.
- Set saving challenge goals. Watching savings grow is exciting, but you can make saving even more fun by turning it into a little game. Whether it’s for a toy, a fun activity, or a special treat, setting clear goals keeps kids motivated. Hitting those goals feels great and shows them the rewards of saving.
- Encourage them to earn their own money. Whether it’s doing the dishes, washing the car, or taking on small tasks, earning money gives kids a sense of responsibility and accomplishment.
- Try to encourage your child to budget. Budgeting is an important part of learning about money because it helps youngsters understand how to manage what they have. Help them divide their money into categories like saving, spending, and sharing. This simple step shows them how to balance enjoying their money now and saving for the future.
- Let them learn from their mistakes. Mistakes happen, and that’s ok – it’s how we learn! If they spend their savings too quickly or make a poor decision, it’s a chance to talk about what went wrong and how to make better choices next time.
- Encourage them to wait for the things they want. Help them learn that saving up for something special is worth it. It teaches patience and shows that good things come to those who wait.
- Open a young savers account. A young savers account is a great way to start kids on their saving journey. Northern Community Bank’s Young Savers Account can be opened by a family member or carer, with online access available to check balances and download statements. While withdrawals can’t be made online, anyone can deposit into the account, making it easy to grow their savings.
Talk to us today about the best savings accounts for kids
From the smallest acorns grow the mightiest oaks. Starting your child on a savings journey means that by the time they turn 18 or 21, they could have enough set aside for a car or even a trip around the world. More importantly, they’ll understand the true value of money.
Speak to Northern Community Bank today and start building their financial future.
