For those looking for an update please scroll to the bottom. Below this will be how my kid’s did their 52 week money challenge.
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 2015…or what they want to save so they can buy later on.
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)
UPDATE: A year ago Little A would decide to do this challenge. Every day (or almost) he’d remind me about his pennies, boy was that hard keeping up with all those pennies. Keep in mind his goal was to make as much money that he could to take his dad out when he came to visit this past summer. He had a whopping $40 by the time he was done and some of that was of course money he found around the house or birthday money. He definitely saved. This year, all 5 kids wanted to do it. I think I’ll be broke by the end of the year. But at least I have everyone wanting to save money. Did you do it last year? How did it turn out.
For those of you that want to try this please comment below. Those that are adults here is the adult version to the 52 Week Money Challenge.