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Teaching Children the Value of Saving: A Lifelong Lesson

By Biba Walker-Shaw, Financial Planner

In today's fast-paced, consumer-driven world, it's more important than ever to teach children the value of saving money. As a financial planner specialising in advising women, I've seen first-hand how developing good financial habits early in life can lead to long-term financial stability and independence.

savings for children

One of the most crucial lessons parents can impart to their children is the importance of saving. By teaching children to set aside a portion of their money, whether it's from an allowance, gift, or earned income, we help them develop a mindset of delayed gratification and financial responsibility. This fundamental skill will serve them well throughout their lives, as they navigate the challenges of budgeting, investing, and planning for their future.


To make saving an engaging and rewarding experience for children, consider the following strategies:


Lead by example

Children learn by observing their parents' behaviour. By demonstrating your own commitment to saving and discussing your financial goals openly, you set a powerful example for your kids to follow.


Make it visual

Use clear jars or piggy banks to help children see their savings grow over time. This tangible representation of their progress can be highly motivating.

savings for children

Set achievable goals

Help your children set specific, realistic savings goals for items they want, such as a new toy or a special outing. This teaches them the value of working towards a target and the satisfaction of reaching it.


Introduce basic budgeting

As children grow older, help them create simple budgets that allocate their money into categories like saving, spending, and giving. This fosters an understanding of financial planning and the importance of balancing competing priorities.

Discuss the power of compound interest

For older children, introduce the concept of compound interest and how starting to save early can lead to significant growth over time. This long-term perspective is invaluable for future financial decision-making.


By instilling the habit of saving in our children from a young age, we equipt them with a powerful tool for building financial security and independence. As they grow into adulthood, they'll be better prepared to handle the financial challenges that come their way, from managing debt to investing for retirement.

savings for children


Moreover, teaching children to save isn't just about money—it's about developing important life skills like self-discipline, goal-setting, and delayed gratification. These qualities will serve them well in all aspects of their lives, from their relationships to their careers.


As a financial planner, I've witnessed the transformative power of good financial habits, particularly for women seeking to achieve financial equality and independence. By starting early and teaching our children the value of saving, we set them on a path towards a more secure, fulfilling future. It's a gift that will pay dividends for a lifetime.

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