! Tips

Start small - Make sure the first few goals you work toward are reasonable. You don't want your child to get discouraged and give up on the savings plan. And remember, you can always work toward more than one goal at once, try working on a simple, short-term goal (like a trip to the movies) while you work toward a long-term goal (like saving for education) at the same time.

Set an example - If you start a Saver Sheet with your child make sure you stick to the plan and save until you reach the goal. Giving up will show your child that saving is not important. Even if you have to do most of the legwork, set a savings example.

setting goals

Motivating children to manage money should be fun and rewarding. Setting goals, whether they are short or long term, will help you and your child stay on track.

it Activities

A family event

Use your Saver Sheet

Plan an activity with your family - it might be dinner at a special restaurant, going to a play or concert, or taking a day trip. Determine how much money you will need to make it happen and ask each family member how much they can set aside each week. For a young child it might just be a few dollars, but it is important that they make and honour a commitment to the process. You might consider putting the money in a savings account at the end of each week.

Saving up

Most children crave some special item - a video game player, an iPod, a guitar, trendy shoes or clothes. This is an opportunity to encourage your child to put money aside to purchase the item themselves or, at least, to contribute toward the cost. They will have to look at their "income" and decide how much they can save and what other items they can do without in order to reach their financial goal.