Hey kids, get busy saving!
It’s never too early to start saving, whether you want to save for something special (like that new bike) or simply for a rainy day! Buzz Bee has some great tips to get you started …
- Get a piggy bank - free when you open a B&E Youth Advantage Account.
- Set a savings goal – are you saving for something special? Set a target.
- Earn pocket money - ask mum and dad what you can do to earn pocket money at home.
- Open a B&E Youth Advantage Account – once your piggy bank is full, it’s the perfect time to deposit your savings at B&E.
- Watch your savings grow!
Buzz Bee’s favourite chores: Making his bed, taking the rubbish bins out, stacking the dishwasher, washing the car and packing up his toys.
It's time to teach your kids about saving!
- Encouraging kids to save pocket money and put it in their own B&E account for a special purchase. If your children get pocket money every week, putting some aside every week into an account and giving them some is a good way to teach them saving habits.
- Using a pocket money and budgeting system at home to teach kids about money in the real world.
- Making pocket money dependent on chores, e.g. washing dishes is worth $?, feeding the dog is worth $? Draw up a chart and ask them to tick off the chores that they have done in a week.
- Teach early savings habits by matching dollar-for-dollar what a child chooses to save. Spend time explaining about interest accumulation and show them their balance online every month so they can watch their savings grow.
- Ask them to draw a picture or find a picture in a magazine of what they are saving for. Keep that picture on display somewhere, like on the fridge so that they can be reminded of why they are saving.
- Help your children to understand the difference between 'needs', 'wants' and 'wishes'. Start by helping them decide what's most important to them.