The #1 Mistake Parents Make When Teaching Kids About Saving
When you tell a child to “save your money,” what they often hear is: “Don’t have fun” or “You can’t buy what you want.” That’s because saving, by itself, feels like a boring chore or even a punishment—especially when they’re not told what it’s leading to.
Kids need something to look forward to. Saving becomes easier and even exciting when there’s a reward at the end of it. It might be a new toy, a special outing, a book they’ve been eyeing, or even a gift for someone they love. The key is that they choose it—not you.
Let’s say your child wants a new football that costs ₦5,000. If they understand that saving ₦1,000 a week for five weeks gets them that football, they suddenly have a reason to hold onto their money. They’re not just saving—they’re working towards something they care about.
Without that kind of clarity, saving will always feel like taking money away from the fun parts of life. So instead of just saying, “You need to save,” try asking, “What would you like to save for?” That one question can completely change how your child sees money.
In this post, we’ll explore why teaching your child to save money isn’t enough on its own and also show you how to make saving meaningful by tying it to real, age-appropriate goals that your child chooses for themselves. Let’s get started.
1. Most kids live in now, not the future
Children are naturally focused on what’s happening right now. Their world is made up of what they can see, feel, and enjoy today—not what might happen months or years down the line. So when you tell them to “save for the future,” it’s not that they’re being stubborn—they genuinely don’t see the point.
Think about it: if you hand a 10-year-old ₦2,000 and ask them to save it “for later,” but they have no idea what that “later” looks like, their brain just won’t connect with the idea. They’ll likely spend it on something fun, like snacks, games, or gifts for friends—because that feels real and rewarding.
This is why giving your child a clear and exciting reason to save makes all the difference. It turns a vague concept into something they can connect with emotionally. For example:
– “You’re saving up to buy your own headphones.”
– “You want to get that football jersey by Christmas.”
– “You’re working toward baking supplies for your little business idea.”
When saving is tied to something specific that they care about, it stops feeling like a chore—and starts feeling like a smart way to get what they want.
2. You’re teaching saving, but not planning
Many parents talk to their kids about saving but don’t go one step further to teach planning—and that’s where things often fall apart.
Saving is just part of the process. If your child doesn’t know how much they need, how long it might take, or what steps to take to reach the goal, they’ll lose interest quickly. Imagine asking a child to save for a bicycle but never helping them check the price or helping them figure out how much to put aside each week. It’s like asking someone to run a race without showing them where the finish line is.
Planning teaches kids how to break big goals into small, achievable steps. It helps them understand patience, strategy, and consistency.
For example:
If a smartwatch costs ₦15,000 and your child earns ₦1,000 per week, you can help them work out that it will take 15 weeks—unless they increase their savings or find ways to earn extra.
You can also talk through possible obstacles (like impulse spending) and how to avoid them.
The good news is, once a child learns this basic planning skill, it stays with them for life—helping not just with money, but with school, projects, and personal growth.
3. The wrong messaging about saving
Sometimes, the way we talk about saving can actually turn kids off it completely.
Many children grow up hearing messages like:
– “You can’t touch your money.”
– “Just save it in case of emergency.”
– “Don’t spend it; you’ll regret it.”
While these statements come from a good place, they often make saving feel like punishment or deprivation. To a child, it sounds like saving means saying no to fun, locking money away forever, and living in fear of “what ifs.”
But that’s not how saving should be taught.
Wealthy people—and financially confident kids—often learn that saving is not about denying yourself. It’s about being in control. It’s about choosing when and how to enjoy your money. It’s about having options.
Instead of painting saving as “what you can’t do,” shift the message to what saving helps them do. When kids see saving as a tool for freedom and opportunity, they’re more likely to embrace it.
4. They need visual, tangible motivation
Let’s be honest—₦500 in a piggy bank doesn’t mean much to a 9-year-old unless they can see what it’s leading to.
Children are visual learners. They understand better when they can see progress and connect effort to results. That’s why just telling them to “keep saving” won’t work if they don’t feel like they’re getting closer to something.
So how do you fix this? Give their savings a face.
Print a photo of the thing they’re saving for and stick it on the fridge or in their room.
Use a transparent container so they can actually see the money growing.
If you’re using an app like Earlybean, show them how the numbers go up each time they save—and celebrate progress together.
These small steps make saving feel real. It gives your child something to aim for, something to be proud of, and a clear reason to keep going—even when it feels slow.
Make it a family thing
Saving shouldn’t be something your child feels they have to figure out on their own. When saving becomes part of the family culture, kids are more likely to stick with it—because they see it, hear it, and live it every day.
Let your child see you save. Talk openly about saving for household goals—like buying a new appliance, planning a family trip, or even setting money aside for “rainy days.” When they see that saving is something everyone does, it starts feeling like a normal part of life.
The goal isn’t just to raise a child who can save. It’s to raise a child who understands how to plan, prioritize, and create a future they’re excited about.
And that starts now.