Wednesday, July 17, 2013

Summer Savings Jar - Craft Activity

The summer is a great time for kids to earn a little extra pocket money.  I know that my husband will offer up a few dollars for anyone who wants to help weed the garden.  Money seems to burn a hole in my daughter's pockets though.  Whether it is the passing ice cream truck, a pack of gum at the grocery store, or a new book, it seems she is always in need to spend as fast as she earns.  While it is important for kids to have some money of their own that they can spend as they wish, it is also important to teach them some valuable lessons in saving.

Summer Savings Jar - Craft Activity - Financial Lessons for Kids


One way to help them save for a bigger purchase is to create a savings jar.  By making it transparent (i.e. a glass jar) they can see their savings grow.  By sealing the lid, they can put money in but they can't easily take it out.

Materials Needed:


  • Empty glass jar
  • Exacto Knife (tape - optional)
  • Craft Paint - colour of your choice
  • Paint Brush
  • Paper/Markers/Pencil Crayons for labels
  • Craft Glue
  • Embellishments - i.e. pom-poms, sequins, stickers, pictures from toy catalogues.
  • Glue gun

Summer Savings Jar - Craft Activity - Financial Lessons for Kids

Instructions:


  1. Have a parent cut a rectangular hole in the lid big enough to allow a Toonie to pass through.  (tape edges if sharp)
  2. Paint the lid of the jar.  Allow to dry.
  3. Create a label for the jar on the computer or using markers, pencil crayons, etc.
  4. Glue the label onto the jar.
  5. Glue embellishments onto the jar.
  6. Have a parent put a bead of hot glue along the inside of the jar lid before screwing it back on.  This will make it more difficult to open.

Summer Savings Jar - Craft Activity - Financial Lessons for Kids

I can tell her until I'm blue in the face that if she spends all her money on gum she will never have enough for a big purchase when the time comes.  That is why setting out and discussing the rules for successful saving will help.

Rules for Successful Saving:



  1. Set a goal:For example, my daughter has her heart set on visiting an American Girl store and buying her very own American Girl doll.  They don't come cheap so she will need to start saving now.
  2. Place Your Jar Prominently:
    Choose somewhere that they will see it regularly such as on their dresser or side table.  By placing the jar in a prominent spot your child is more likely to contribute to it.
  3. Deposit Regularly:
    When your kids earn pocket money, suggest that they put half of it in their savings and keep half of it for fun money.  This will allow them to still have splurges but they will also grow their savings at the same time.
Summer Savings Jar - Craft Activity - Financial Lessons for Kids

For an innate saver it boggles my mind to see the alarming rate at which money leaves her pocket. Hopefully having a savings jar will inspire her to drop in a few coins here and there to reach her financial goal.  I'll keep you posted!

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