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Saving? Follow your children’s lead…

boy filling_piggy_bank_17_08_12Parents could learn a trick or two from their kids when it comes to money saving according to new research. The next generation, it appears, are a lot more frugal with their pennies than their mums and dads…

With the economic climate as it is, perhaps it’s no wonder that money matters have become quite the hot topic for parents looking to set their kids in good monetary stead for the future. The study, which surveyed 1,000 children and their parents was carried out by MyFamilyClub (a savings website), and uncovered today’s youth to be quite the active savers: 81% revealing they have contributed to their savings within the last year.

These savvy sproggs are already demonstrating better spending habits than their parents, with the average UK adult debt estimated at £4,221 (minus the cost of a mortgage), and a significant proportion of children (78%) revealing they save some, if not all of their pocket money. Understanding the value of money is important for the 21st-century family too: 80% of children earning their pocket money by helping out around the house.

Here are At Home’s top money-saving tips:

  1. Use a piggy bank The image that is so often connected with money saving, could really help you save. Buying a jar (or pig) dedicated to the storage of coppers or two pound coins (if you’re feeling a little more generous) is a great way to get save for a rainy day.  Leave it for a year, and you could soon find you’ve accumulated quite a hefty sum (and one you’d forgotten all about!).
     
  2. Create a savings bumper When we set aside money for an important holiday or purchase, it can be so easy to dip into a lump sum when times are tough. To prevent such mishaps create a separate ‘bumper’ fund in a separate account – by adding small sums to it here or there; this means, when it comes to wandering hands, you’ll be safe in the knowledge that your main savings won’t be touched!
     
  3. Make use of a direct debit Many of us are accustomed to the regular bills exiting our bank account each month, and know what damage to pre-empt. Creating a savings account with another bank and setting up a monthly direct debit, will ensure your savings just become part of the average month. You’ll be surprised how much a year’s worth of direct debit transfers can set you aside!
     

Picture credit: Shutterstock

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