So, your child comes to you one day and wants you to buy them a new Lego set, a high street fashion item or perhaps a game controller. Something that costs about £50. Instead of simply coming up with the money or saying you can’t afford it, why not work with them to see how they could save enough to buy it themselves?
Here we share some ideas on talking through how to save. But before starting to save, it’s worth having a conversation about how to resist the temptation to spend the money immediately. This can be a challenge for all of us. But the benefits of saving up are huge - you get to buy that special something. Discuss the rewards of a long-term plan vs the very brief pleasure of spending on impulse.
Put money aside - or into a Goal
If they keep all their saved cash in a purse or wallet, it could be tempting and easy just to spend the cash right away. Instead, a good idea would be to get a piggy bank or jar and put the money saved into that, making sure not to take any out until there’s enough to buy that all important fashion item/Lego space station/essential game controller.
Another option would be to use Goals in your Starling app - these are separate buckets of money that you can set aside from your main account balance. Talk through setting up a new Goal with them, labelled ‘Games’ or similar. Money saved can be moved into the Goal you create together.
Be sure to show them the Goal regularly so they can keep track of the money. Why not ask them to choose a cool picture that you can attach to the Starling Goal you set up - such as an image of exactly what they want to buy.