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How To Encourage Saving

Customizing a Child’s Safe is a great way of encouraging them to think about the setting some money aside for the future. By personalising it you can:

  • Give it a Name like “For Grandma’s Birthday” or “For my Cash ISA”
  • Set a Target Amount for the reason given, say £50.
  • Designate how much of your weekly regular pocket money amount you would like to put directly into your child’s safe each week, say 25%

 

Once you’ve made these changes your child will be saving £50 for their Cash ISA and 25% of their weekly pocket money will be set aside for this purpose. The child would see the following on their dashboard

Encouraging Saving – what your child will see

 

savings1

 

You’ll be able to see how much money your child holds in their safe at any point on your parent area dashaboard. Money is withdrawn from your child’s safe by:

  • Your child sending you a request to withdraw money from their safe via email.
  • You doing it for them by moving money from their Safe into their Wallet on the Child Details page and subsequently doing a Remove

The money in a child’s Safe is ring-fenced and protected in that sense so they can’t spend it.

 

Happy Saving!


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