Family savings challenge

Overview

Remember how Children in Need used a tally chart of the money they had raised; well now it’s time to create one for your family. How much can you and the family save each week? How can this information be displayed so that you can all see how you are doing in achieving your target?

What will my child learn:

Setting a target and achieving it is a tremendous confidence booster. Enabling your child to work with the family to achieve a savings target will provide them with a great learning experience and benefit them in terms of knowledge and skills around managing their money as well as helping them develop sensible attitudes towards money.

Family Savings Challenge will allow children to:

  • Understand the importance of saving
  • Increase their knowledge of ways to save
  • Develop decision making skills

Financial Education Planning Framework: Managing risks and emotions associated with money

Getting started

First you have to decide what you are saving for. If you have done the Aspirations Activity, you could use your aspirations clouds to set your family savings challenge or you could create your own. Maybe it’s for a day trip or a holiday? Could it be something for the house or even a pet?

Make sure you have some craft supplies to record your challenge in a fun and interesting way – photos, magazines, colourful pens and paper.

Money talk

Have a conversation as a family and set yourselves a challenge or savings goal. You will need to think about:

How much will your ultimate goal cost and when do you want to have achieved it by?

What are your interim goals?

What can you each do to save? E.g. a percentage of pocket money, or reducing the electricity bill, walking to school instead of going by car.

How will you display your data? You need to be able to show how much you’ve saved so far and how much you need to save in total. You could use the Savings Challenge template or even watch a YouTube clip of Children in Need to see how they do it and make your own.

Then you need to decide where you will save the money and keep it safe - it could be in a family money box, a savings account or a credit union. You may need to find out more about the different options and then consider which is the safest option and which might ‘earn’ you some extra money (interest).

Get Creative!

Display the challenge where it can be seen by everybody each day perhaps the kitchen or even the bathroom! You could have individual charts in each member of the family’s bedroom. What works best to motivate you?

What will you do when you achieve your goal or ultimate challenge – you could take photos and make a memory board or scrap book.

Downloads

Click on the below to download the PDF:

Family savings challenge
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