Step 2-Open a savings account
It is a good idea to help your child to open a savings account. Banks, credit unions and post offices offer children’s accounts and your child can open one with as little as €1. They are easy to use and have no charges. Once the account is opened, you can encourage your child to lodge money from their savings jars into their account regularly
Step 3- Keep up the good habit
If “savings fatigue” is setting in, encourage your child to continue saving by giving them some help such as agreeing to match the amount they have saved for a couple of weeks to help them reach their goal.
Step 4- Get them involved in the money decisions
A good way to teach children about making choices is to involve them in some household budgeting decisions. For example, when planning your next family day out, give your children the opportunity to be involved in choosing where to go. Try to limit the choice to two or three different places. Give them the total amount you have available to spend and discuss the pros and cons of each, weighing up the cost involved and the importance of prioritising what is most important to them.