Saving as a Family: Building Habits That Last a Lifetime
đź•’4-minute read
Why Saving as a Family Matters
Kids are naturally more interested in spending than saving—after all, that new toy or sugary treat is hard to resist! But that’s exactly why it’s important to guide them now. Teaching your children to think ahead and consider the long-term value of money can help them avoid unnecessary debt and build financial confidence as they grow.
The most effective way to do this? Lead by example. Let your kids see you making thoughtful choices, like budgeting, saving for big goals, or talking openly about financial wins and challenges. Share your decision-making process. Let them know why you’re saving—and how it’s helped your family.
You can even make it a team effort. For example, consider opening a Certificate of Deposit (CD) for your child. Walk them through how it works, and when the CD matures, let them choose what to do with the funds. It’s a great way to turn saving into something real, personal, and rewarding.
How to Start Saving Together
There are so many ways to get your kids involved in saving—and you don’t have to wait until they’re older to start. Here are a few ideas to spark some healthy money habits:
1. Talk about it. Often.
The more you normalize conversations about money, the less intimidating it will be for your kids. Chat about your own savings goals, how you make spending decisions, or how you’ve bounced back from a money mistake. These talks can be casual, short, and age-appropriate—but they’ll stick.
2. Start with an allowance (or pocket money).
An allowance is a great tool for teaching kids how to manage money. Whether you give a set amount each week or tie it to chores, the goal is to help them learn how to balance spending, saving, and giving.
How much should you give? That’s up to you. Some families go with $1 per week for every year of age (so a 10-year-old gets $10), while others prefer a flat monthly rate. There’s no perfect formula—just find what fits your budget and values.
đź’ˇ Pro tip: Start small. Kids who learn to save smaller amounts early are more likely to develop strong habits as they get older.
3. Consider a “parent match.”
Want to boost their motivation? Try matching what your child saves. If they set aside $10 from their allowance, you add $10. It’s a great way to reinforce the idea that saving pays off. You can even set up different matches for things like college, a car, or a special purchase.
4. Reward smart choices.
Headed to the fair? Give your kids a set amount of “fun money” and let them know that whatever they don’t spend, you’ll double. It turns saving into a fun challenge—and helps them see the value in delaying gratification.
5. Open a Young Saver or Teen Spending Account at Rave.
Teach them how to save and spend wisely. Open an account with only $5 to start, and there’s no minimum balance requirement. Teen Spending Accounts come with a free debit card, and yes, we offer overdraft protection as a safety net to help your teen learn how to budget effectively.
Make Saving Part of Your Family Culture
When saving becomes a shared habit, it’s no longer a chore—it’s just what your family does. Encourage each other, celebrate milestones, and keep those financial goals front and center. Over time, you’ll create a home where financial responsibility is second nature.
At Rave Financial, we’re here to support you every step of the way. From youth accounts to savings tools tailored for your family’s future, we’ve got the resources to help you raise financially confident kids.
Let’s build something great—together. Want help opening a savings account or CD for your child? Stop by your local Rave Financial Experience Center or use the Rave Video Banking App to get started. We’re always ready to help you and your family thrive.