Financial basics for kids

Three fun activities to teach kids about saving

4 min read

Financial basics for kids

Three fun activities to teach kids about saving

4 min read

As a parent, you want to equip your kids with the tools they need to succeed. By starting early and using creative, hands-on activities, you can help your kids develop healthy financial habits.

The three engaging activities below are designed to make saving money exciting and relatable for young kids. Whether you’re teaching the concept of setting goals, making choices or watching savings grow, these activities make learning about money fun. 

1. Save, Spend, Share

Save, Spend, Share is a simple activity introducing kids to basic money management. This hands-on approach teaches them how to balance saving for the future, spending wisely and sharing with others – all while having a good time.

The concept is simple: three jars, each representing a different purpose for money. When your kids earn or receive money, they can divide it into three categories:

  1. Save: money for future goals
  2. Spend: money for immediate wants or needs
  3. Share: money for donations or gifts.

How to set up Save, Spend, Share

Gather supplies

You need three clear jars or containers. If you don’t have jars, small boxes or envelopes will work too. Label each jar clearly – save, spend, share – and let your kids decorate them.

Introduce the concept

Explain what each jar represents:

  • Save is for big goals, like a new toy or bike.
  • Spend is for smaller everyday purchases, like a lolly or cold drink.
  • Share is for helping others, be it a charity donation or a gift for a friend or family member.

Decide how to divide the money

Decide how much money will go into each jar. A common starting rule is 50/40/10, though you can alter this to align with your family’s goals and values. 

Give it a go

Help your kids allocate money whenever they receive it. Encourage them to think through their decisions and be sure to explain the importance of saving, be it for a rainy day or a special occasion. You could also incentivise them with matching contributions or interest payments – you may just help them become committed savers.

2. The Family Savings Tracker

The Family Savings Tracker is all about setting and achieving financial goals. It’s a visual tool that represents a shared financial goal; saving for a holiday, for example, or a trampoline or television.

The Family Savings Tracker is designed to be interactive, so everyone in the household can contribute and see the progress. It can help take saving from an abstract concept to a rewarding shared experience.

You could not only teach your kids valuable lessons about money, but also strengthen family bonds. It gives you an opportunity to model healthy financial habits and your kids will feel empowered knowing their efforts matter.

How to create a Family Savings Tracker

Choose a savings goal

Involve the whole family in deciding what to save for. The goal should be something exciting and tangible, such as:

  • a holiday
  • a fun new family acquisition (e.g., a trampoline)
  • tickets to a special event.

Set a target amount

Determine how much money you need to reach your goal, then break it into smaller increments. This will help you track and celebrate your progress.

Design the tracker

Create a fun poster as a visual representation of your goal. You might opt for:

  • a thermometer: colour it in as you progress and get ‘hotter’
  • a piggy bank: add ‘coins’ or stickers for every contribution
  • a path: draw a road or trail leading to a picture of your goal and tick off the milestones along the way.

Set the rules

It’s time to decide how each family member can contribute. Possible options include:

  • regular deposits from allowances or chore earnings
  • matching contributions from parents to encourage saving
  • adding bonus amounts for extra effort, like skipping takeout or completing ‘no-spend days’.

Track your progress

Update the tracker together at the end of each week. Make it a family ritual to review contributions and celebrate milestones along the way. You may want to mark milestone amounts at the beginning and celebrate reaching them with a picnic or a night at the cinema, for example.

Celebrate the goal

Be sure to celebrate once you reach your goal! Use the saved money for the agreed-upon purpose, reflect on how working together made it possible and – most importantly – enjoy your reward together.

3. The Budget Buffet

The Budget Buffet is an engaging, hands-on activity introducing your kids to budgeting, planning and decision-making. Here’s how to set it up and create a meaningful educational experience.

What you need

  • a selection of ‘buffet’ items: snacks, small toys, craft supplies and anything else your kids might enjoy
  • real or play money
  • price tags for each item, with varied prices to mimic real-life budgeting decisions
  • a simple shopping list or spending goal (optional).

How to play

Set the scene

Transform a table or bench into a ‘buffet’, with all the items laid out. Assign prices to each item, ranging from affordable (a 50-cent lolly) to expensive (a $10 toy).

Set a budget

Give your kids a limited amount of money to spend – $10 should be enough. Let them know they can spend it however they wish, but once it’s gone it’s gone.

Add a savings incentive

Before the kids begin shopping, let them know they can save a portion of their budget (e.g., $2) to earn extra spending money in the next round. 

Start shopping

Encourage your kids to browse the buffet and make their choices. Observe how they decide what to buy – do they splurge on one big item, or spread their budget across smaller treats?

Reflect and learn

After the kids’ first round of shopping, discuss their spending choices. Consider asking them:

  • did you feel satisfied with your purchases?
  • would you save some of your budget to afford something better next time?
  • if you did save, how does it feel to see your savings grow?

Next steps

Once you've given any of these activities a go, your kids will gain a new perspective on the value of saving. This could be a good time to capitalise on their interest in saving by helping them open their very first bank account.  

Suncorp Bank’s Kids Savings Account is designed to help under-18s save money. It has no account keeping fees, no transaction fees and no minimum balance requirements. Plus, kids earn bonus interest each month when they deposit at least $20 into the account and make no more than one withdrawal.

Visit our Kids Bank Accounts page

Published 24 January 2025

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