Funny and quirky savings banks are a great way to encourage saving for children. Getting a child to put coins in the piggy bank slot, before they are old enough to know what money or savings are, is an excellent way to start them off. It can be easy to get them interested and keep that interest in saving as the grow older.
From a few months of age, children become fascinated with certain toys or cartoons and manufacturers have used this to expand their production lines. There are models to reflect every cartoon or toy you can think of. The models that are more likely to succeed are the ones that talk, sing or move and have more novelty appeal to the child.
Charities use boxes to collect money for their particular cause. These like the piggy banks, come in all shapes and sizes, to attract attention. Kids in particular love putting money in boxes with slots and by allowing this, the habit becomes reinforced as a good thing to do.
As the advertising world is well aware incentives are a great way for promoting a product whatever it is. So by agreeing with a child that when they achieve a certain target with their savings they will receive a reward, it is encouraging them to save. Praise them when they reach the target and ensure the target is achievable.
Children often have bank accounts as gifts when they are born. Gifts of money for special occasions throughout the year are not unusual. If these money gifts are deposited in the savings account, they can sit back and watch their savings steadily grown.
To establish a habit of saving in childhood that will continue on through to adult life, parents should set a good example. Putting all their loose change into a box or bank and letting a child do it for them helps to instill the practice of saving into the child's life style.