Easy Savings Plan for Kids (with Incentive)

This post is sponsored by Regions.com.

I’ve been thinking a lot about the kids and money lately. For a few years we’ve used a sticker chore chart system that has worked wonderfully for Big M. He’s 9 now and we want him to take on more family responsibilities. We also want to increase the amount of money he’s able to earn.
With the move approaching it wasn’t the right time for any big changes. Now that we are in the house, I’m ready to sit down and make some plans. The timing of this post could not have been more perfect. Regions.com sent me a great article with tips for teaching kids about money management. As soon as I read this savings tip… “As soon as your kids begin earning money they can learn to save. Teach them the importance of saving — and the power of compounding interest — with a fun family money management activity.“… I knew this was the plan I wanted to put into action.

Savings Plan for Kids

The article suggests using a jar to collect money. I choose to use a manila folder with an envelope glued inside. I haven’t decided if this is something I will keep in my desk drawer or something Big M should be responsible for. I’d love to hear your advice in the comment section.

I labeled the outside of the folder (I’ll give him the choice to decorate it or leave it as is). On the inside you can see there is an envelope ready to be filled.

The chart stapled to the other side of the envelope is where we will keep record of his savings plan.

I also added a sheet for Big M to keep track of what he is saving for and how much it costs. (I’ll be honest. He remembers numbers the way his dad does… he won’t need this page. He always knows exactly how much money he has and how much the Lego set he wants will cost. He even keeps track of shipping and tax costs.)

I can’t wait to get this system running. Big M is going to be very excited about it.

PS. You may have noticed that Little M was not mentioned in this article at all. We will have to come up with a different strategy to reach her. She doesn’t care one bit about buying stuff (she likes free or hand me down stuff just fine), she never knows where her money is and gives it away easily. Until now we’ve been pretty loose with her about it, but now she is almost 8. It’s time for her to learn to respect money and it’s time for us to find the right motivation to get her excited about earning it. Isn’t it amazing how different kids can be?!? My first stop when making a plan for her will be Adventures in Math. Regions and Scholastic have teamed up to share games and activities specifically focused on money.

If you are looking for more advice and guidance from Regions.com take some time to explore their site. I know that’s where I will start first when figuring out what to do with Little M!

Thanks again to Regions.com for sponsoring this post.