Saving money can feel like a burden if you’re the only one trying to stick to a budget. When that’s the case, you’re the person who’s always saying no to the extra treats, last-minute plans and little purchases that make family life fun.
One way to change that is to bring the whole family into the savings plan. Here are a few ideas for shared goals, simple challenges and small celebrations that can make managing your family’s finances more enjoyable for everyone.
Before your family starts setting aside money for a shared goal, it may help to look at your current budget. Monthly obligations such as rent, utilities and debt payments can affect how much you’re able to save. If you’re managing several debt payments, a debt consolidation loan may help simplify eligible debts into one monthly payment, making it easier to understand where your money is going.
Choose a goal everyone can get excited about
For some family members, watching a savings account grow can be motivating on its own. Others, especially younger children, may need a more specific goal before they can connect today’s choices to a future reward.
Sit down as a family and choose a savings goal that makes sense for all of you. Whether you decide on a cross-country road trip, a new backyard playset or a family game room, coming up with a clear goal can make saving more meaningful.
Make progress visible
A family savings tracker takes abstract numbers and makes them more tangible, helping to motivate your family. You can find several pre-made and digital savings trackers online, or you can make your own. For example, you might draw a thermometer on poster board, make a road map or use a jar where every paper coin represents a certain amount saved. Each update gives your family a simple way to celebrate progress and stay connected to the goal.
Turn saving into a family challenge
Saving money can sometimes become a list of things your family can’t do. A saving challenge creates action: Everyone gets to participate, see progress and connect their choices to your shared goal.
Here are a few ideas you can use to turn saving money into a fun family challenge:
Some families may enjoy turning these challenges into competitions, but the bigger purpose is to see what your family can accomplish by working together.
Focus on what your family gets to enjoy
If you’re saving for a more practical goal, like tuition or an emergency fund, it may be more challenging to get your kids excited about the end result. Instead of focusing on what you need to cut back on, consider reframing low-cost activities as fun new opportunities:
Some family goals, such as buying a home or taking a major vacation, may take longer to reach. These goals are an opportunity to teach your children another important financial skill: planning.
Let’s say your family dreams of taking extended road trips and is thinking about buying an RV. To decide what makes sense, you might consider the cost of an RV, the value you’d get from owning instead of renting and whether an RV loan fits your budget. Talking through that process can show your family how to carefully weigh a financial decision.
If your family is working toward a large savings goal, try breaking it into smaller steps your children can understand. For example, instead of only talking about saving $1,000, you might explain that your family is trying to save the first $100 by the end of the month.
Once you reach that goal, celebrate with a reward that your family enjoys but doesn’t impact your budget. Something as simple as choosing the next family activity or picking what’s for dinner can encourage your children to keep saving.
Working as a family can make saving money more enjoyable. When everyone pitches in, you may build stronger habits, reach your financial goal and make memories that are just as valuable as the money you save.