3 Incredible Ways to Save Money for Kids and Adults
Sometimes living frugally can feel like a drag. It takes some sacrifice to save money and pay for things with cash. If you are trying to be more financially responsible and ditching the credit cards in favor of cash payment, it can take a bit longer to get the things you want.
However, the sacrifice and saving does not have to be boring. Turn saving into a game, include the entire family and you may find that saying no to some purchases is not quite as hard as it was before.
At the end of the day you are creating strong financial skills and habits which ensure a better financial future and control of your money. This is extremely important for kids and young adults.
Here are a few fun ways to save up cash for a vacation, emergency fund or any big purchase:
Cash jar – It’s not as cheesy as it sounds
A very simple, easy and visual way to save some money is the tried and true “piggy bank.” Grab an old pickle jar or other clear container, glue the lid on and decorate! If you are saving up for vacation, put your dream destination on it and put it where you can see if every day. Because you are paying for cash for everything, you should have loose change or bills routinely floating around. This jar is the change’s new home. Whether you opt to save coins or bills is up to you. Empty your pocket/wallet every day into the jar. You can see the money growing as you add to it.
Money challenge – A great way to create strong saving habits
A popular challenge circulating the web is the money challenge. All you need is an envelope, pen and cash. On the Front of the envelope, write the numbers 1 through 52 (there are 52 weeks in the year). Pick one day a week (payday is a good option) and put the correlating amount of dollars into the envelope. For example, on week 1, you put $1 in the envelope; week 2 is $2 and so on. If you find yourself a little strapped at the end of the year, reverse the challenge and put $52 in the envelop on week 1, $51 on week 2, etc. By the end of the challenge, you will have saved $1,378. If you combine this with the cash jar, you could have a tidy sum saved up over the course of a year. If you do not want to deal with the hassle of carrying cash, open an online-only savings account and transfer the money every week (or every month). Getting that money out of savings is going to take longer so you are more likely to leave it alone.
Start a competition – Great for kids and teens
You have probably seen the weight-loss competitions cropping up all over. Try changing the competition to a money-saving contest. Compete with another family to see who can save the most money over the course of 6-months or a year. The prize at the end of the year could be the losing family makes dinner for the other family or cleans their house. Consider having mini-competitions throughout the year to keep everyone accountable. Get your entire family involved by encouraging the kids to find creative ways to save a little extra cash.
Saving money can be fun. Find a way to motivate yourself and involve the entire family and it will start feeling less like a sacrifice. The funny thing with saving money is that it changes your outlook on finances for the better. Savers become less likely to waste money on impulse purchases and more inclined to further grow their savings through investing.
Establishing strong financial habits is one of the best things you can do for yourself and pass on to your children – get started today!