I have accidentally discovered a brand new way to get my 12 year old to save his money. Pay him in BIG bills! Sounds crazy but it has worked. He has a $50 bill that he refuses to part with. It all started with a visit to his grandparent’s house.
This past summer, my 12 year old accomplished several of the big tasks for my parents. They paid him $50 and gave him a brand new, crisp $50 bill. He still has it and is determined to keep it for a very long time. There have been two instances where he has thought about buying a toy or game but has opted to save his money because he does not want to part his cash!
The desire to hang on to that $50 bill has caused him to analyze and critique his spending habits. He really thinks about whether an item is "worth it or not".
I know it is unrealistic to pay a child $50 on a normal basis. (Although my kids would really, really like to try it out!). However there is a way to give this a try without destroying your wallet. Encourage your child to save their ones and trade them in for a for a $5 dollar bill. Then trade two of those in for a $10 dollar bill. They can work their way up to a twenty, a fifty and oh my, a hundred dollar bill.
Getting kids to save their money can be a challenge. I have read books and blogs and articles for hours and it all comes down to finding the right thing to motivate your child. For our 12 year old, the Accidental Savings Plan is the right motivation at the moment!
What creative ways have you motivated your child to save?