(July 3, 2024) - Summer is a time for fun and relaxation—especially for kids. But just because they’re taking a break from school doesn’t mean the learning should stop altogether. The trick is making it fun for them so they don’t realize they’re learning something!
Summertime provides plenty of great opportunities to teach kids important life skills, like saving money. Whether they're earning from chores or receiving allowances, here are some creative and enjoyable ways to instill good saving habits in children during the summer months.
1. Treasure Hunt Savings Challenge: Turn saving into a thrilling adventure by organizing a treasure hunt around the house or the neighborhood. Create clues that lead to hidden jars of coins or bills. Each jar could represent a different savings goal, like a gift they’ve had their eye on or a contribution toward their future education. This activity not only encourages saving but also adds an element of excitement and mystery.
2. DIY Piggy Banks: Gather up some old jars, shoeboxes, or containers and let the kids unleash their creativity by decorating them as personalized piggy banks. They can use paints, stickers, and markers to make them unique. Label each bank with a specific savings goal, such as "Ice Cream Fund" or "Save for Something Big." This hands-on approach makes saving tangible and fun.
3. Savings Bingo: Create a bingo card with different saving goals or actions, such as "Save a Dollar," "Skip a Treat Day," or "Earn Money Doing Chores." Each time a child completes one of these actions, they can mark it on their bingo card. Offer small rewards or prizes for completing a line or the entire card. This game makes saving interactive and encourages kids to set and achieve financial goals.
4. Lemonade Stand Economics: A classic summer activity, running a lemonade stand teaches kids valuable lessons about money and entrepreneurship. Help them plan and budget for ingredients, set prices, and track their sales. Encourage them to save a portion of their earnings for future goals, such as education, or donate to a cause they care about. It's a fun way to learn about profit, expenses, and the importance of saving for the future.
5. Saving with Science: Combine learning with saving by conducting simple science experiments that illustrate saving concepts. For example, use jars and different colored rocks or liquids to demonstrate how money saved over time can accumulate. Discuss concepts like interest and growth over time in terms that kids can understand. Hands-on experiments make abstract ideas concrete and memorable.
6. Storytime Savings: Find books or stories that involve characters saving money or making financial decisions. After reading together, discuss the story and its lessons about saving. Ask kids how they would handle similar situations and encourage them to think about their own saving goals. Stories can be powerful tools for teaching kids about saving in a relatable way.
7. Goal-Setting Vision Board: Help kids create a vision board for their summer savings goals. Provide magazines, newspapers, and art supplies so they can cut out pictures and words that represent their goals, such as toys, trips, or future colleges. Display the vision board prominently so they can visualize their goals and stay motivated to save. This visual approach makes saving feel tangible and exciting.
8. Family Savings Challenge: Turn saving into a friendly competition by setting up a family savings challenge. Each family member can set a savings goal for the summer, whether it's a small purchase or a family outing. Track progress on a chart or whiteboard where everyone can see. Celebrate milestones together and encourage each other to stay committed to their goals. This fosters a supportive environment and reinforces the value of saving as a family.
9. Financial Literacy Games: Explore online or board games designed to teach kids about money management and saving. Games like "Monopoly," "The Game of Life," or digital apps can simulate real-life financial scenarios in a fun and engaging way. Play together as a family or encourage kids to play with friends to reinforce financial concepts and strategic thinking.
10. Savings Celebration: At the end of the summer, celebrate the kids' savings achievements with a special event or outing. It could be a picnic in the park, a trip to their favorite ice cream shop, or a movie night at home. Recognize their efforts and the importance of their savings goals. This reinforces their saving habits and encourages them to continue managing their money responsibly.
Teaching kids about saving during the summer doesn't have to be dull or daunting. By incorporating these fun and creative activities into their summer routines, you can empower children with valuable financial skills that will benefit them for a lifetime.
While you’re concentrating on instilling strong habits in the kids, don’t forget about your own saving goals. Research the value of opening a 529 account for their education. Continue to contribute if you already have one. Put a little extra in your savings account each month so you’re prepared for unexpected emergencies. Saving and money management is a lifelong endeavor!
By Rodger O'Connor, Associate Director, Marketing & Communications, Washington College Savings Plans (WA529)