kids into saving

3 Tips to Turn your Kids into Saving Machines

According to our research one third of America has a Primary Saver Money Personality (not to mention one third of you have Saver as your Secondary Money Personality).  That’s the good news! The flip side of that is that two thirds of us don’t. The old saying “A Penny Saved is a Penny Earned” is easier for some of us to embrace than others. After all, statistically, we are only saving 4.5% of our income for retirement. That’s the adults. Now what about our kids? How do we turn our kids into Saving Machines no matter what their Money Personalities are? 

Your Kids Can Save.

Here are 3 tips to turn your kids into Saving Machines:

1.  Exercise their Saver Muscle

Our arm muscles can get bigger with a little bit of weight lifting. But did you know you have a saving muscle as well? That’s right. You have one. Some of us enjoy exercising our saving muscles more than others. We don’t because we are Primary Spenders. But just because you may not like to exercise it, you should. Introduce the “Spender Muscle” to your kid today. Just like our physical muscles can get bigger, teach your kid to exercise their Saver Muscle. Our youngest is a Primary SPENDER, SPENDER, SPENDER. However, since he was 4, we have worked with him and helped him set up a “saving stash of cash” plus a “spending stash of cash.” As he is getting older he is learning to save for large purchases. Our 10-year-old Spender already has $2,300 saved for his car. That is a miracle!

2.  Start Small

Just like everything else in life you need to start small and work your way up. Don’t encourage them to save every penny they get from Grandma and Grandpa. Help them take a third of the money and save it for a rainy day. If you have a child with a Saver Money Personality they will want to save every penny; if you have a Spender child they will think you are nuts for not enjoying the money on your next trip to Target! (Watch out for our new book about Kids and their Money Personalities – available December 1 of this year.)

3.  Make it Fun

Create a payoff for saving money. As adults we save for our homes, cars, and vacations. So, if you are trying to turn your child into a Saving Machine, make it fun and let them set a goal and meet it. It doesn’t have to be anything big, but make it fun for them to see how saving can really pay off.

There you have it! If we, both being Primary Spenders, can do it so can you! Let’s crank it up and grow our kids up to be great Savers. We know that when you know your own Money Personalities and apply the tools inside of your relationships, as we outline in The 5 Money Personalities, you will have a much easier time guiding your children. Be sure to pick up your copy today.

What tips do you have for strengthening the Saving Muscle in your kids or yourself? Leave your tip in the comment section below.

Make it Happen!

Scott & Bethany
The Money Couple®
Creators of The 5 Money Personalities™

Scott & Bethany Palmer are regulars on national TV and radio and speak internationally about The 5 Money Personalities™. To learn more about your Money Personalities, get GREAT resources, and take the scientific & confidential online assessment, visit or pick up a copy of their book The 5 Money Personalities: Speaking the Same Love and Money Language.


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