Reinforcing Positive Family Habits
An allowance is a great way to introduce your kids to the value of work and to reward their responsibility. Key to getting your children interested in saving is giving them the opportunity to earn money and track their progress toward their savings goals. If they already earn an allowance, the Kids Save game will help to reinforce the lessons you are teaching them. If they don’t, it’s a great way to get them started! Saving for longer-term goals requires sacrifice and postponement of gratification, which can be difficult for children. The Kids Save website helps make it fun for kids to record their goals and track their progress. The game mascot, Sir Save-a-lot, helps keep kids learning by offering tips and words of encouragement as they go along.
Piggy banks and empty coffee cans are time-honored methods for kids to save money, but we recommend that you consider opening a Community Bank Minor Savings Account for your kids to introduce them to the concept of using a savings account. There is no minimum deposit to open one and no monthly service fee, regardless of the minimum balance. It provides the added benefit of allowing your child to earn interest on the money they save. Make depositing the money they’ve earned into their savings account a regular part of your banking routine. Either when you come to the banking center or when you bank online, try to involve your child in the depositing process.
No actual banking takes place on this website. It simply provides a fun way to track their progress together and keep them motivated while they work toward their savings goals!
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How the Program Works
Kids record the items they want to save for and, if they wish, upload pictures of those items. If kids have more than one item they’re saving for, they can set the percentage of savings they want to allocate each item by using a simple priority slider. They can see how much they have saved toward that goal with a fun progress bar that also allows kids to transfer money from one goal to another.
Each time they log on, they record the completion of chores and whatever money they have earned. The game automatically allocates this money to their goals based on the priority slider, and all allocations can be viewed in the log.
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Reinforcing Saving Through the Online Game
The online game component of the Kids Save website provides an additional incentive for your children to complete chores and reach their goals. It also teaches valuable saving and budgeting lessons in a safe and engaging environment. This game, known as Sir Save-a-lot’s Kingdom, allows kids from around the world to compete with each other by making virtual saving and spending decisions that affect the growth of their village!
In addition to the financial reward you set for each chore completion, your child also gets a fixed number of game points (referred to as gold) that is the same for all players and all chores, and is not based on how much money they receive from you. Therefore, your kids’ success in the online game is not dependent on how much you are able to contribute toward their saving efforts, but on how many chores they complete, and how active they are in the game. When they have acquired enough points, they are able to 'add on' to their online village. As their real savings grow, so too does their village.
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Your Role in the Program
Your engagement in the Kids Save program is crucial to its success. Work with your children to help them set worthwhile and realistic goals. Set aside time on a regular basis to visit the website together and review their progress. After you set up their chores, kids complete them on the honor system. You should review these completions with your child to ensure they are being finished to your satisfaction. You can always log in to the system from the parent page, and view their village and progress. If your child is eager to see their involvement in the game progress, be proactive in helping them find ways to earn money, and remember to express enthusiasm for their efforts.
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Sign Up Now
Signing up is easy. Just follow the instructions. You will not be asked for any personal information, other than your kids’ first name. No information will be displayed online, other than the names they choose for their online ‘villages.’
As part of the sign-up process, you will be asked to enter the chores you expect your kids to perform and the rewards they’ll receive for completing those tasks. When you’re done, you’ll receive a confirmation with a password that they’ll use the first time they log in. Subsequently, they’ll be able to log in with a password of their own choosing.
