Saving money doesn’t have to be a bummer. If you’re trying to teach your kids the importance of saving, get them to pitch in on a family savings goal by turning it into a game.
Over at Credit.com, Certified Financial Planner Taylor Schulte offers a fun suggestion to include the whole family in a savings goal:
“One idea we have seen clients have some fun with is to assign a savings goal to each member of the family that’s appropriate for their respective age,” says Schulte. “Maybe it’s $1000 for each parent, $500 for the oldest child and $250 for the youngest.”
With this strategy, each individual will do their best to save up their share. At the end of the year or the chosen timeframe, all monies will be combined and used to book an epic trip.
Even better, you can take this a step further and make it a rule that the person who reaches the goal first gets to choose the destination.
Your goal doesn’t have to be limited to a holiday, either. Maybe it’s a trip to a water park. Or a nice restaurant dinner. Whatever the goal, the objective is to get everyone involved. It makes it more fun, plus, it will teach your kids how to save in the process. For more tips, head to Credit’s full post at the link below.