Getting your little ones engaged in money can be tricky, but the team at Newbury Building Society are ready to help with their tried and tested tips for money learning.
If you want to help your young people get engaged with saving, join us in your local branch from 18-23 September for UK Savings Week?
We'll be giving out special 'save a little, grow a lot' goodie bags to everyone who has a children's savings appointment during that week. Find out more on our dedicated UK Savings Week page, or book an appointment here.
1. Use technology to your advantage
“I’ve got two boys aged 13 and 9. I want them to understand they need to work for money so we’ve recently started using an app (OurHome) which enables me to set chores for them to complete in order to earn points which convert into money. The fact that it's an app has helped to engage them, although I did have to pin down the settings because my 9 year old quickly worked out how to increase the points for each task!” - Erika Neves, Head of Data and Governance and Company Secretary
"I use the "Save the Change" feature available on some accounts where it rounds up what you have spent and puts this into a "savings pot" account - always in my head I'm spending full pounds anyway and you soon have an amount for treating yourself, holiday fund or Christmas. If spending cash the change goes into a separate pocket and put into a change pot at home and this soon adds up too!" - Sarah Rouault, PA to the Executive Directors
2. Incorporate money into special occasions, as well as the day-to-day
“On our recent holiday, my boys had a set amount of money each to spend whilst they were away. It really made them think about what they were buying and also stopped them constantly asking for money whilst we were there.” - Emma Lavers, Marketing Support Manager
"A tip which my two experienced when we went out for the day and when one of them went away on a school trip to Switzerland - you give them money for the day (it could be on a card) which is their budget to buy lunch, pay for activities and anything left is theirs to save. It helped them make choices wisely." - Lisa Wedge, Basingstoke Branch Manager
“Every birthday and Christmas, I always make a point to encourage my children to put their money into their savings passbooks and bring them into the branch to pay their money in. They enjoy the process of sitting at the counter and getting their money out. In fact, when the girls get money now they always say that they want to save it because they’re excited to bring their money in.” - Luke Pummell, Direct Sales Manager
3. Every day is an opportunity to learn
“My son has to earn this pocket money just like a regular income. He has a list of jobs he has to do by the end of each month with a price tag next to each one. It’s a win-win situation as he gets the money he needs and I get help. Plus it makes him spend his money wisely.” - Debbie Springer, Finance Officer - Regulatory Reporting
"When my children were small, I offered them an incentive to save by saying that any amount that they saved monthly, from pocket money or gifts etc,, I would match, so that in fact it doubled their money contribution. It worked a treat and they both were regular savers!" - Tina England, Customer Service Adviser
"I have always told my daughter that if she saves her money at NBS they give her ‘free money’ – and I would take her to have her book made up to see the ‘free money’ (or interest!) added yearly! She’s now 21 and still has her savings at NBS despite her wanting to ‘see’ it in an app!" - Tracey Seymour - Executive Assistant
“When buying presents for a family member or friend, give your child a budget to work to. Guide them but let them do the shopping so they have to consider prices and what they can get for their money e.g. they have £10 and need to buy a card and a present. Often they have ideas that are going to be way above the budget so rather than say it’s too expensive, take them to a shop and ask them to check the tag. They are usually very surprised!” - Melanie Mildenhall, Head of Customer Service