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12 months of saving: Penny a Day Challenge

Learning to save is a skill that can stay with a child for a lifetime. What is the best way to make sure your children are interested in savings? Get the whole family involved, and make savings fun – one penny at a time. Let’s get started with a Penny Challenge!

Summer of savings for kids (and adults!)

Summer presents the perfect opportunity to save money. We know, we know – summer just got here and the kids cannot wait to get out of school and get their sunshine on. Nothing wrong with that! But as you are soaking up those rays, let’s think about earning some money and better yet, saving that money.

First of all, a kid has to earn money before they can save it. And, with more hours in the day and some freedom on their hands, there are more opportunities to earn money during the summer months.

Think:

  • Chores around the house
  • Mowing lawns
  • Weeding
  • Babysitting
  • Lemonade stands
  • Helping relatives
  • Parental donations (it can happen)

Whatever they choose, the idea is to make enough money to save a little bit each day. If you have a young entrepreneur, make sure to check out some steps to take to help them be successful.

 Why should I save?

Make sure to start your saving journey with a goal. Is there something your kid wants? A toy, a pet, that new Justice dress someone saw in the window or a Transformer Last Knight action figure? What about tickets to a 3D showing of Wonder Woman?  A trip to Silverwood? The options are endless.

This is the best time to nurture the idea of working towards a goal. Kids learn that if they want something and they work towards it, one step at a time, they have the power to get it. Life is in constant motion, so let’s make the plan for where we want to be. So ask, “If you were able to save the money for something, what would it be?”

Now go find an image of that thing and print it out. In fact, don’t be afraid to make several copies. Post one with the PennySavingChallenge and the others wherever your kiddo will see it as a daily reminder: think bathroom mirror, fridge, back of the front door, etc.

The Great Penny Challenge to Save

Now that your kiddo is making a little extra money, the next step is to make a savings plan of action. Start with a penny a day, then the next day, add another penny to what you put in the day before.

For example:

  • Day 1 = .01
  • Day 2 = .02
  • Day 3 = .03

Print off Numerica’s fun youth savings Great Penny Challenge worksheet, and have your child mark off each day as money is added. (Use a sticker, a hole punch, or whatever creative freedom grabs their interest.) In six months, they will have about $165.31 in savings!

Feeling brave and want to give it a try? Challenge yourself with a Dollar Challenge! Start now by saving $1 per week in June, and you could end up with $351 by Christmas. Not bad, right?

Once your little one has $5 or more in their piggy bank, it’s time to take them into your favorite Numerica branch. Numerica has a host of youth savings options. Another great option? Numerica’s Bonus Saver account where you can earn 3% APY on qualifying balances.

If you need other ideas for savings, check out these youth savings tips for preschoolers, ages 5 – 8 and ages 9 – 12. No matter what age, you can start saving for a lifetime of financial well-being.

Resources

Check out our recent savings articles.

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