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Teaching the Importance of Saving

Category: Crafts | Age Group: 16+

TOPIC:

Saving money

RESOURCES NEEDED:

Materials for building a piggy bank and association with a youngchild who would benefit from receiving the piggy bank that will be made.

LEARNING OPPORTUNITY:

By the time a child reaches adolescence they should be well aware of the need to save money but often, with the varying financial pressures that come with this age, they forget and need to be reminded. One way of raising this issue in a non-threatening, non-judgemental fashion is to have them build a piggy bank for a young child so that child can be introduced to the importance of saving and an understanding of the “Three S’s” – saving, spending and sharing. By building the piggy bank with your son or daughter there is the opportunity to engage them in a discussion which will remind them of the value of putting aside some of their money.

THE ACTIVITY:
  • Suggest to your son or daughter that (insert the name of the young child who will receive the piggy bank) will appreciate having a piggy bank and that it would serve
    as an opportunity to introduce them to the idea of saving.
  • Ask your son or daughter if they would help you create an intriguing piggy bank that would generate enough interest to get the child to use it.
  • During the planning and construction of the piggy bank, engage your son or daughter in discussion about the three S’s and how well they use the concepts in
    practice.
  • Once the piggy bank has been constructed, and prior to it being given to the child, ask your son or daughter how they are going to give it to the child and how they are going to explain the importance of saving to that child.
FOLLOW-UP IDEAS:
  • During the discussions with your son or daughter, look for issues or ideas that come up that could be enhanced or developed with them – e.g. budgets that enable rather than restrict, possible investment options, the role of sharing etc.
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