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Top 5 Ways To Teach Your Kids About Saving Money

With the use of apps and online financial platforms making it easier to transfer funds or pay bills, children have less opportunity to physically see how money is managed, spent and most importantly saved.


Here are top five ways to teach your kids about saving money.

Wants versus Needs

As a mum of 10 year old twin boys, the “wants versus needs” conversation seems to be a constant theme in our household. With peer pressure becoming more prevalent, they’re persistently chasing after a new video game or latest set of Pokemon cards.

When they insist they “need” yet another new toy that all their friends seem to own, I challenge them with one question: “How will your life be any worse without it?”

There’s still protests and arguments coming from all angles but eventually the pin drops. They realise that, actually life will carry on just fine.

Provide a Safe Place for Saving

A physical money box or piggy bank is ideal for younger kids to physically see their funds grow. When it comes to the tween and teen years however, a digital savings account gives children a kick start to financial independence.

Using a pocket money tool like ZAAP kids can see how much is in their account with an app. They also have easy and secure access to their funds through their own prepaid Mastercard credit card or a wearable wristband.

Set Savings Goals

Have an open discussion with your children about where they plan to use their savings. It helps them develop a sense of financial independence. Parental guidance also helps them make rational purchasing decisions.

When my son asked for a Nintendo Switch, he called on a “family meeting” he spoke about how the new game would be great for both his and his brother’s imagination but also how it would be great fun for the entire family. Cheeky but effective.

Kids using the ZAAP app can set their own savings goals in a separate savings account. Seeing their funds grow, they can stay focused and excited. Keep the eye on the prize.

Offer Savings Incentives

Offering your own contribution to your child’s savings can give them the encouragement to save harder and become more financially savvy with their spending.

Here’s some suggested ideas on how to offer a savings incentives:

  • A choice to complete additional chores for extra pocket money
  • Match every dollar they save over a set time frame
  • For reaching a certain savings goal, contribute an additional 10%
  • A congratulatory contribution to their savings for academic or sports achievements

Talk about Unexpected Expenses

As adults, unexpected expenses like car repairs or hospital bills are simply part of life.

When having the goal setting discussion with your children, include the topic of unforeseen

circumstances that can come with a significant purchase.

When we set the savings goal for my son’s Nintendo Switch, we told him he had additional costs to consider. We discussed how he had to save a little extra in the case his gaming console needed repairs after the 12 month warranty period.

The thought of paying for something unwanted, momentarily burst my son’s gaming bubble.

He eventually understood the necessity.

ZAAP: Making saving money fun

With ZAAP, parents can encourage their children to save money with ease.

All parents need to do is:

  • Set up a ZAAP account with a Parent Wallet
  • Set up a Child Account where funds from the Parent Wallet can be loaded
  • Set up a separate Savings Wallet

Parents can set scheduled savings transfer or make manual transfers from the Child Account to the Savings Wallet. Funds from the Savings Wallet cannot be accessed until transferred back to the Child Account

ZAAP will track the savings progress and notify your child when they’ve hit their goal.



About the Author

Grace is a freelance writer with over 25 years’ experience in business, having held senior roles in marketing, finance through to sales.


Graduating from the Australian National University, Grace spent 10 years working with multi-nationals in Asia. She is multi-lingual, fluent in Japanese and Bahasa Indonesia.


On returning to Australia, she then carved out a successful career in financial services, IT and telecommunications.

In addition, Grace has run her own small business focused on issues such as parenting, financial literacy and digital security.