Youth Savings Challenges For Your Kids and Teens

My Money Jars Challenge

Perfect for children 5-12 years of age. Challenge your children to be specific about their spending and savings goals from a very young age with this visually entertaining activity. You will need 2-3 jars with a lid for this activity, you can choose to purchase your plastic jars or recycle peanut butter jars.

1. Set an "Income": Establish "pay" for your children. Could be an allowance, payment for chores or grades, or gift money.

• • The amount you establish is not important.
  • Amounts: $1.00 per week, $5.00 per week or $10.00 per week depending on your capacity and child's age.
    

2. Designate Savings Goal: Help you children identify a small achievable savings goal for their age for the month.

• • Kids ages 5-8 examples: A favorite treat, slime or putty, a small doll or action figure, Scholastic Book Fair savings, birthday gift for a friend.
    
  • Kids ages 9-12 examples: A treat, Lego set, board game, a book or series, educational kit, a video game, art supplies, movie or outing, gift for a friend.
  • Select one item to focus on or two that is achievable based on the "pay" you established. 

3. Designate a Responsibility: Give them the responsibility to contribute toward a monthly need for spending.

• • Kids ages 5-8 examples: A small school supply (a pencil, an eraser, glue stick) or a set amount per month for a deposit on an activity or item. Example: Contributing $1.00 a month toward their lunch costs
    
  • Kids ages 9-12 examples: School supplies, their lunch, socks or small clothing article, or a set amount per month for a deposit on an activity or item. Example: Contributing $5.00 per month for art supplies
    
  • Assign a "due date" each month, to mimic how bills work in adulthood.

4. Set a Timeline: Help your child set an age- appropriate timeline for their savings goal.

• • Help your child build a timeline that makes sense and is doable based on their "pay" and their responsibility.
    

5. Decorate and Have Fun: It's time to get crafty, gather all the stickers, markers, paint, and glitter (if you are daring.)

• • Have your child decorate each jar.
    
  • Save Jar: Ensure your child writes the word "Save" for their savings goal.
  • Spend Jar: Ensure you child writes the word "Spend" for their responsibility and "frivolous" spending.
  • Optional Give Jar: Ensure you child writes the word "Give" for charitable causes or gifts for family/friends.

6. Track Progress: Ensure each time your child gets "paid" they fill out their ledgers for each of their jars.

• • At the beginning, help your child allocate their income accordingly. Have them start with their Save Jar first to "pay themselves first." Use these worksheets to help with this process.
    
  • Slowly transition to a point where they make their own decisions. While tempting, try not to interfere with their decisions as these serve as powerful teachable moments when faced with consequences of their actions. 
  • Ask them how they feel about the goals throughout the challenge. 

7. Celebrate Milestones: Ensure you celebrate the wins like a savings milestone or achieving their savings goal.

• • Celebrate the milestones reached during this activity. As an added bonus, you can reward their efforts with a small treat, special outing or a fixed amount of money of your choosing that you wish to contribute to their savings. Whatever you decide, acknowledging their hard work is a meaningful way to motivate them to continue building their money management skills.

No Spend Challenge

Perfect for teens 13-17 years of age. Challenge your children to go a month without spending on non-essential items. Instead, encourage them to find free or low-cost activities and hobbies to enjoy during the challenge period. 

1. Classify Spending: Encourage your teens to identify essential and non-essential items.

Essential items could include transportation, personal care items and school supplies, while non-essential could refer to purchases like eating out, buying snacks, or entertainment activities. You will probably need to help them with this part.

2. Clear Guidelines: Outline what expenses are not allowed based on their essential and non-essential list.

Create a day for weekly check-ins for the duration of the challenge. List any exceptions or special circumstances that both parties agree to, if any. 

3. Plan Ahead: Ask your teens to find alternatives to possible expenses or events that may tempt them to spend.

Suggest creating alternatives to help them resist specific temptations such as packing their lunches or finding free or low-cost activities to enjoy during the challenge period. If they like to go to the movies, instead they could host a movie night at home with friends.

4. Track Progress: Provide your teens with the tools to track their progress throughout the challenge.

Encourage your teen to record their expenses daily each night and reflect on anything they found particularly challenging or the successes they experienced along the way. Use our worksheets here. 

5. Celebrate Achievements: Recognize your teens for their efforts to save money throughout the challenge.

Celebrate the milestones reached during this activity. As an added bonus, you can reward their efforts with a small treat, special outing or a fixed amount of money of your choosing that you wish to contribute to their savings. Whatever you decide, acknowledging their hard work is a meaningful way to motivate them to continue building their money management skills.