Creating a savings mindset, forming a habit, an activity to make it fun and a PDF worksheet to make it a lifelong lesson – this is a guide on how to teach kids to save at home in South Africa
Looking for a way to teach kids to save?
Creating a savings habit is super important for little ones and parents alike: One 2013 study found that children who have even a small amount saved up from a young age are four times more likely to graduate from university.
Furthermore, an international 2022 study found that more than half of kids aged 10–18 fail at basic financial literacy tests. In fact, the average score for anyone below 18 is below the pass rate (in other words, a fail).
And it’s even more dire here in South Africa, where the average financial literacy rate is below 51%, and it’s not being taught specifically in every school at every level.
That’s why they say good money habits start at home. And we want to empower you to give your child the best possible future, so here’s a fun way to teach kids to save in SA, including:
Too often, kids are exposed to money only as something to be spent. But saving is much more than a budgeting skill — it’s a mindset that builds patience, confidence and independence.
According to the nonprofit Prosperity Now, children with savings goals are more likely to develop long-term financial habits that stick. Meaning they’ll have a better chance at being wealthy as adults.
And who doesn’t want that for their child?
Here’s how to do it…
Here’s a mindset shift to try: Instead of saying “you can’t buy that,” say “you’re saving up for something better.” That small change helps children connect saving with purpose and excitement.
The research backs this up — when kids set concrete goals (like a school trip or a new toy), they’re far more motivated to save for it. They start to see saving as a way of achieving dreams, not just denying wants. Learn how to teach kids to set money goals.
You may have heard of the 3 jar method, a popular savings strategy made famous by many writers, including those at Forbes.
Normally, kids divide their money into Save, Spend and Share jars. However, we’ve found that it's much more beneficial to adapt that to a powerful 4-jar version that adds a fourth principle: Sow — for investing in your future (so that they learn about investing early on).
Give your child four containers and label them:
When kids receive money, whether from pocket money or small jobs, encourage them to split it according to a ratio that makes sense for your family (like 30% Save, 40% Spend, 10% Share, 20% Sow).
Repetition builds the habit. Over time, they begin to treat saving as the default, not an exception. And we’ve found that this method applies well later on in life, when they can create separate bank accounts and put it into practice in the real world.
Also read: How to teach kids to manage their pocket money.
Want to take it up a notch? Create a simple visual savings goal card. Let your child pick an item they’re saving for — like a toy, a day trip, or a game — then draw or print a picture of it. Stick it on their Save jar. Every time they drop in a coin or a note, they’re reminded of what they’re working toward.
This turns saving into something tangible, which is exactly what you want to impact your child’s future in the right way.
In fact, we encourage you to take it a step further: We’ve created a fun savings tracker worksheet that you can download for free to share with your child, right now…
Looking for fun ways to teach kids to save? We’ve created a free Family Savings Tracker you can use at home or in the classroom:
Use it weekly as part of your money conversations. Print it, put it on the fridge, and make saving a visible, exciting part of your home routine.
Before you go: You might like How to teach kids the difference between needs and wants.
