Kids Stuff

Tips to help First Savers save

First Savers_Tips for First Savers image

At Kiwibank we want to turn saving money into kids’ stuff. These days, money is often just a plastic card or numbers on a screen. It’s hard for kids to understand the value of something they can’t really see. We want to help kids understand the value of money and the importance of saving from an early.

That’s why Kiwibank has First Saver.  It’s the account that starts to get kids saving and understanding the value of money. It’s a great way for you to encourage the habit of a lifetime with your kids, and for them to see how saving actually feels great.

And here’s some simple tips that might also help:

  1. Pocket Money: If your kids want something or you want to make your mornings run a bit smoother, give them little jobs around the house for a couple of dollars to put in their savings account or moneybox – and watch it build up. You could save your spare change to have on hand for pocket money.
  2. Spending Vs Saving: If your kids receive money as a gift, or as pocket money, it’s good to get them to put some of it away so they can spend some now, but enjoy saving some for later. Encouraging your kids to save up for something like a watch or toy can help them to understand the value of money.
  3. Be an example: When you get money from an ATM, show your kids the receipt to show them that you need money in your account to get some out. And take them to the bank and show them how to deposit cash. And of course, make it fun.

 Want to find out more? Read how Kiwibank and Banqer are working together to support the next generation of Kiwis on the  Banqer site. You can also find out how to get Banqer and interactive financial literacy into a classroom you care about.