6 tips for saving as a family

Did you think saving as a family was impossible? While saving money as a family requires organization, it can be a great opportunity to learn new things as a family and get motivated together. Involve your children on a daily basis and explain to them how and why to save money. Motivating your family to save can be a challenge, so here are a few tips to help you do it in a good mood!

HOW TO MOTIVATE YOUR FAMILY TO SAVE?

Take the time to explain the benefits of saving to your family. Focus on the financial goals you can achieve through savings, such as family outings or vacations, buying a house or going to university.

Show your children how saving can offer them long-term financial security, and motivate them to save on a daily basis by saving weekly or monthly. You could, for example, set up a reward system to encourage younger family members to save when their savings reach a certain amount, or when savings targets are reached. A fun and motivating way to save as a family, especially with children.

SETTING GOALS AS A FAMILY

Talk to your family about your savings goals, whether for a trip, buying a house or any other project. These goals should be realistic and allow you to determine how much you need to save each month to reach them. And to ensure that the whole family feels involved and concerned by this project, hang up a chart in a room of the house and write down all the savings you've made each month!

DRAWING UP A FAMILY BUDGET

The secret to successful family savings: organization. Create a budget that lists income and expenses for the whole family. Identify areas where you can cut back (outings, weekly shopping, unnecessary subscriptions, etc.) and keep part of the budget to divide up your savings. 

Explain to your children how a budget works, and the income, expenses and financial choices you have to make as a family. You can ask them if they have any ideas for reducing expenses. Encourage them to find creative ways to save money.

MAKE SAVING FUN AND ENJOYABLE

What better way to make saving attractive and motivating than to turn it into a game?

Organize fun family savings activities. For example, you could organize a savings challenge where each member of the family tries to reduce their spending or save their money. This could mean limiting outings, reselling clothes or old toys. The key: your children's pride in having managed to save money while having fun! 

💡 Short of motivation and ideas for saving? Listen to podcasts! A great way to learn new money-saving tricks or learn how to manage your budget on your daily walks or drives.

ENCOURAGE YOUR CHILDREN TO SAVE

Teach your children to save by explaining the importance of putting money aside. You can give them a nice piggy bank to deposit their pocket money, or open a savings account or life insurance policy at a bank. The aim is to give children a sense of responsibility, so that they develop good habits for their adult lives.

Is your child having trouble saving money? Help him find a concrete, age-appropriate goal that will motivate him to save. Whether it's a book, a new bike, a toy or a new phone, he'll be all the happier to have it if he's taken the time to save for it.

INSTALL A FUN APPLICATION TO MANAGE YOUR BUDGET

Another tip for fun family savings: budget apps. Simple to use and often intuitive, apps are ideal for keeping track of your budget or helping your children manage their pocket money in a fun, independent way.

Recommended for children aged 8 to 15, the Boursamioche app is ideal for helping your child take his or her first steps in saving and understanding money management.

The Smart'Budget application, meanwhile, helps students better manage their money and everyday expenses. Practical when you've just left the family nest and need to learn to stand on your own two feet.

BE A ROLE MODEL FOR YOUR CHILDREN

Be transparent with your children and share financial information about the family in a way that is appropriate to their age and understanding. As a parent, set an example for your children by explaining how you manage your money on a day-to-day basis and giving them tips on how to save regularly.