Saving money is a valuable skill for all of us to learn. Families that save together offer the opportunity for children to learn about money in general and why savings is important even at a young age. It helps the whole family be engaged in saving for family and individual goals. It is also a great way to spend time together and have some fun.
Ideas to Find the Money
There are lots of ways individuals and families can earn funds for savings. Adding money to the savings account can be as easy as setting aside just 10% (i.e., $1.00 saved for every $10 earned) of the money you make.
- Work odd jobs for the neighbors
- Collect loose change out of vehicles
- Save the change out of each dollar bill broken
- Set up automatic saving transfers each month from a paycheck
- Save Christmas or birthday money
- Hobby craft income
- Selling used toys, equipment, furniture, clothes, etc.
- Allowance money
What’s the Value?
Financial goals should reflect your family’s values.
- Families prioritize what is most important when saving money.
- Children learn that hard work and dedication can yield rewards (i.e. paying for a vehicle, buying a new bike, or having money to go to college).
- Fiscal responsibility and critical thinking skills that can be taught through family saving activities.
- Youth are more prepared as adults by learning to save early.
- Parents are able to communicate their financial situation with everyone in the family.
In This Together
- Saving as a family encourages all members of the family to connect and maintain stronger relationships.
Saving together provides a sense of belonging and purpose.- Working together builds motivation and accountability.
- Saving together can also be a way to give back by using those funds to help others in need.
Getting Started
- Schedule a family meeting to discuss saving and spending.
- Create a family savings goal that everyone contributes to throughout the year (i.e. vacation; buying coats and donating to charity; trampoline, etc.).
- Encourage each family member to set up an individual savings goal as well (i.e. new bike or saving for an insurance deductible).
- Utilize resources such as Savings Matching Activity; Family Vacation (Savings Tracker Sheet); Make a Piggy Bank or Envelopes Activity, etc. to add some fun to savings.
- Celebrate your successes!
Saving as a family is not only a great way to connect, but also helps ensure children have a positive financial foothold in life as they transition towards adulthood. Colorado State University Extension resources can help you navigate personal and family finances.
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