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A Kid’s 52 Week Money Challenge

January 1, 2014 By · 7 Comments

Many bloggers around the world are jumping into the 52 week money challenge, however some are asking how to get their children involved in this but a smaller amount. I wondered about the same thing and saw a few references for ideas for kids to do it so I’ve jotted only a few down. Let me know if your child would do this and how much you think they’ll save in 2014…or what they want to save so they can buy later on.penniesinajar

Penny for the Day

Similar to the dollar per day for the adults but instead they put a penny for the day of the month it is. January 1st they would put 1 penny in, on January 17th they put 17 pennies in and so forth. Each month starts new and by the end they should have roughly $55. (I did not sit down and do each day but it will equal out to being very close)

A Dollar a Week

Have your child put only a dollar in the jar for every week that passes and by the end of the year they will have $52 saved up. This method may be done with a nickel, dime or a quarter a week, each week though you put that many in it. If you they are on week 23 they should place 23 quarters in the jar, week 2 would only be 2 quarters and by the end of the year they would have $13 in the jar. With dimes they would have $5.20 at the end of the year, with a nickel challenge they’d end up with $2.65, with a penny a week they get 0.52 at the end of the year.

Save the Change

There is no telling what your child can save with this method but chances are anything from a penny to $100s of dollars, especially if they get birthday money, allowance, etc. The idea here is just like when an adult takes any change out of their pocket at the end of the day and stick it in a coffee can. Many of us forget just how much change we come across in our daily lives, every time we use a dollar and get change back it normally gets placed in our pockets or at the bottom of a purse, kids are just the same way.

Let them Decide

Let your child choose the method they think will be fun to follow. Remember as a parent we know that getting them to do something needs to either be a challenge or something that seems like fun and ALWAYS let them decide because when they get to make decisions they tend to follow through more. If they feel they are being forced it’ll be no fun and chances are they will stop doing it midway through.

Craft a Jar

Get out a jar for them to decorate, some paper, stickers, etc and let them have at it. I recommend a clear jar so they can see all the money they put in.  Every day or week they add money to it and get to watch it get higher and higher.

For those that would like a printable version of some of these you can see one Saving Advice. Some of these will not be on it as I thought of the way my kids like to save money and added those. (change in pockets, penny a day/for the day)

Filed Under: Saving Money Tagged With: , ,

Comments

  1. I totally love this! Thanks so much! I am doing the grown up version, Noah said he wanted to do it too. So now he can without me going broke!
    Sheilacakes recently posted…E-Cigarette Reviewed Create Your Own Flavor ContestMy Profile

  2. I do the change in a jar thing, everytime I get change, I throw it in a jar. I haven’t counted mine in over a year but it might be time to start over. My pig is getting full.
    Karen recently posted…Buh Bye, 2013My Profile

  3. What a fantastic idea! I love it!
    Andrew @ Mommy’s Busy recently posted…Imagine Cleaning Up Times Square Today #NewYearsCleanMy Profile

  4. http://jackiespeaksit2014.wordpress.com/52-week-money-saving-challenge-link-up/
    of course this is for adults but kids what a great idea….my daughter is 19 and money savvy b/c I raised her as a single mom.
    Jackie Paulson recently posted…What areas of your life do we all need to wake up?My Profile

  5. @shiela Thank you, I figured since I am doing the adult version: http://homemom3.com/52-week-money-challenge-for-2014 that others might be looking for something for their children to do. Many know if I am doing something my kids are normally following suit.
    @Karen I normally save all my change in a blue pouch I carry around in my purse. Quarters go straight into a jar for laundry and the rest tossed in the pouch and when I want to get a drink or a burger I only use the change.
    @Andrew Glad you like it. Will you or your kids be doing anything like this or have some new year’s goals?
    @Jackie Thank you. Which method are you following. I posted before about the adult version and I’m doing more an an alternate week, I’m doing the $52 the first week and second week $1. This way it is easier to do at the end of the year when I’m Christmas shopping.

  6. We were just talking about starting an allowance for my 4 yo. He would need to complete his chores to get it. Thanks for the tips for getting them to save it. We are definitely going to craft a money jar with him now!
    Dianna @ Oy Vey a Day recently posted…Fellowes Shredders Help Protect Against Identity Theft Before and After The Holidays #IDSafetySeasonMy Profile

Trackbacks

  1. […] A is doing the 52 week money challenge for kids, for his age I thought putting in a penny for the day of the month would be a great way to start […]

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