4 Effective Strategies to Teach Students How to Save Money

Every child needs to be taught about the value of money, along with providing them with proper guidance on saving money as a student, and school is the best place to begin.  The earlier children understand how they can save money, the earlier they can begin building the foundations of their finances.

If you teach students how to save money while they are still in school, it would provide them with a path to the right direction in the future.

That being said, budgeting, financial literacy and money management are not exactly interesting to hear.

Partly why schools do not opt for teaching elementary students how to budget is due to the fact that it is a dry concept that is not likely to be of any interest to the students, and that they will not grasp it at this stage.

However, we have curated some incredibly interesting and creative methods to teach students how to save money.

Teaching students about saving money: why is it important?

The value of money and budgeting are indeed something that everyone needs to understand at some point in their life, but why is it so important to start this early?

Well, for one, teaching kids about frugality and similar techniques prepares them for the future. Building up a thorough understanding on saving money while they are children will strengthen their chances to achieve financial stability in the future.

They will eventually be heading to a university for higher studies in the future, and these skills would help them efficiently manage their budget and avoid going over when they are on their own.

How to teach students about money saving

1.   Assign a Clear Jar for the Class

Although a piggy bank works as well, you should instead opt to use a clear jar to promote savings for the students.

The reason for specifically using a clear jar is that it will provide kids with a visual. Being able to notice the progress they are making on savings is a great way to keep them motivated to the cause, and once they notice the jar filling up, they will want to save even more.

2.   Introduce them to coupons

When teaching your students about ways to save money as a student, show them the power of coupon codes.

Budgeting is an important aspect of money management, and redeeming discount codes can help stay within the budget.

Introduce them to sites like ClothingRIC.com, which is a coupon website that is home to different coupons from numerous different companies.

This will help them save up even when they go to the movies or decide to grab a bite to eat. Coupons will make them aware of discounts that will help them budget more efficiently in the future.

3.   Set a Goal

It is essential to encourage students to come up with a savings goal like a unique gift they are wanting, when teaching them the value of money and saving.

This provides them with a purpose to keep in mind, which influences their dedication towards saving up. Students are more likely to add money into their savings more frequently if they know what they are working towards.

Once they have decided on their savings goal, provide them with guidance on how they can divide their goal into smaller subtasks that are easier to accomplish.

For instance, if a student’s savings goal is to gather enough for a $40 game when they earn a $20 weekly allowance, instruct them to divide the goal into 4 weeks, saving up $10 every week.

4.   Offer Them Incentives

Saving money can become quite frustrating for young students, who are impatient to spend it all as soon as possible. To avoid students burning through their savings, you can motivate them by offering incentives.

As a teacher, there is a lot you can do to make sure that your students are pumped up to save up! For instance, you can set a monthly competition between the students and promise extra marks or any other reward to the child that saves the most.

Final Words

You cannot teach kids dry concepts the same way you can teach adults. However, following this guide will provide you with some fun ways to get the value of saving up and budgeting across without losing their interest.