Let’s face it - when you try to teach kids about money, they often tune out. The topic of saving can feel like a lecture, and we all know that kids don’t exactly get excited about “financial responsibility.” But the truth is, teaching your children to save doesn’t have to be dull or complicated. With the right approach, you can make saving money fun, hands-on, and even a little bit enjoyable.

So here are our top tips…

1. Turn saving into a game

Kids love challenges, so why not turn saving into a fun game? This way, instead of feeling like they’re just putting money away, your kids will feel motivated to reach their goals. A little healthy competition or a clear reward system can keep them on track and engaged.

Savings challenges to try:

“Save $1, Spend $1”: For every dollar your child receives, they can save half and spend half. This keeps things balanced and helps them understand the importance of saving while still being able to enjoy some spending money.

“Save for something big”: Help your child set a savings goal, like saving up for a toy, game, or even a special outing. Break the goal into smaller chunks, and track the progress together. Watching the savings pile up can be very motivating!

Savings competitions: If you have multiple kids, set up savings jars for each one. The goal is simple - whoever saves the most in a month gets a fun, small prize. It makes saving feel like a fun competition, and they’ll learn the importance of budgeting and tracking money.

2. Use a Coastline Cubs Account to teach real-world banking

When kids are younger, it’s all about introducing them to the idea of saving in a hands-on way. That’s where the Coastline Bank’s Cubs Account comes in. The Cubs Account, designed for kids under 12, offers a simple, no-fee way for children to manage their money. With this account, your child can start learning the basics of saving without the hassle of complicated financial jargon.

Why the cubs account is perfect for younger kids:

No monthly fees: Your child can save without worrying about account maintenance fees, so every dollar goes straight into their savings.

Simple access: Kids can deposit money and withdraw funds over the counter, which gives them a real-world experience with banking.

Rewards for savers: The Cubs Account includes rewards for kids who actively save, encouraging them to stick to their savings goals.

Safe and secure: With 24/7 fraud protection, you can rest easy knowing your child’s money is safe.

Opening a Cubs Account for your child isn’t just about saving money; it’s about teaching them the value of banking, goal-setting, and responsible money management. They can see their money grow and understand that it’s better to save for something bigger in the future than to spend it all right away.

3. Step it up with a kickstart account for teens

As your child grows and their financial understanding deepens, they may be ready to take the next step in managing their money. That’s where the Coastline Bank Kickstart Account comes in for teens aged 12 to 17. This account offers even more independence and flexibility while helping teens transition into the world of grown-up banking.

Why the kickstart account is perfect for teens:

No monthly fees: Just like the Cubs Account, the Kickstart Account comes with no monthly maintenance fees, making it easier for your teen to focus on saving without worrying about hidden costs.

Easy access: Teens can access their account easily with a Visa Debit card, allowing them to make purchases online or in-store, while still being able to track their spending and saving habits.

Attractive interest rates: They’ll also earn an interest rate on their savings, giving them a taste of how their money can grow over time.

Direct debits and savings goals: With features like “set and forget” direct debits and the ability to attach additional savings accounts, the Kickstart Account helps teens learn how to budget, set financial goals, and save automatically.

Manage funds anywhere: With access to Internet Banking and the MyCOAST App, your teen can track their savings, make transfers, and see how their money is growing, all from the palm of their hand.

Opening a Kickstart Account for your teen gives them the tools they need to manage their own finances. It also helps them learn to take ownership of their savings, which is a key skill as they move into adulthood.

4. Use visual tools to track progress

Kids love to see results, and when it comes to saving, a little visual motivation can go a long way. Whether they’re younger or older, giving your kids a way to track their progress will help keep them focused and excited about their savings.

Try these ideas:

Savings jars or envelopes: For younger kids, consider using physical savings jars, where they can separate their money into categories like "spending," "saving," and "sharing." This helps them understand where their money is going and how to prioritise savings.

Savings charts or apps: For older kids and teens, a digital savings tracker can be a great way to visualise progress. Many banks, like Coastline, offer apps where your teen can see how much they’ve saved and how quickly their money is growing.

Savings goals: Make the savings process more tangible by setting clear goals- whether it’s for a special purchase, a trip, or just a rainy-day fund. Tracking that goal together gives your child something to work toward.

5. Let them "earn" their money

When kids earn their own money, they’re more likely to value it and want to save it. Giving your child opportunities to earn money, whether it’s through chores or small tasks, helps them understand the concept of working to earn what they get.

Ideas for earning money:

Chores and responsibilities: Set up a simple chore chart and assign monetary rewards for each task completed. It doesn’t need to be a huge amount - just enough to give them a sense of ownership over the money they earn.

Special projects: If they want something special, offer them the opportunity to earn extra money by completing a "project" - like cleaning the garage or organising their toys. This teaches them that earning money can be fun and rewarding.

6. Be a good role model

Kids are always watching you - and they’re quick to pick up on your habits, whether you’re conscious of it or not. If you want your kids to value saving, show them that saving is important to you, too.

Talk about your own savings: You don’t need to go into detail about your finances, but you can share your goals with your kids. For example, you could say, “I’m saving up for a new bike,” or “I’m putting money aside for our holiday next year.” This shows your kids that saving is something grown-ups do too - and that it’s an important part of reaching goals.

Let them see you save: If you’re saving for something big, show your kids how you’re working toward that goal. Whether it’s putting money aside in a special place or even just skipping a few extra coffees to save up, when they see you prioritising saving, they’ll start to mimic those habits.

7. Celebrate their success (and make it a habit)

Saving money is a big accomplishment, no matter how much your child saves. Be sure to celebrate their efforts when they reach a savings milestone! Whether it’s a small reward, a special outing, or just acknowledging their hard work, celebrating success reinforces the idea that saving is valuable.

You can also make saving a regular part of your family routine. Encourage your child to set new savings goals each month, and talk about how saving for the future can be exciting - whether it’s for something big or just as part of a healthy habit.

Why starting early makes all the difference

The earlier you start teaching your kids about the value of saving, the better equipped they’ll be to handle their finances as they grow older. Whether they start with a Cubs Account or move into a Kickstart Account as a teen, both accounts offer a great way to build good habits and a strong foundation for the future.

By giving your kids the tools to save, manage money, and set goals, you’re setting them up for success - not just now, but for years to come.

Starting early doesn’t just help your kids save money - it helps them understand the value of it. And with the right tools like the Coastline Bank Cubs and Kickstart accounts, they’ll be off to a great start!