Creative Savings: The Game the Whole Family Can Play

Trying to save money sucks. It’s really hard work. I remember trying to save when I was younger and really struggling. It took me forever to save $1000. Why? Because every time I got an amount of money saved I would end up blowing it on an impulse spend.

Sound familiar?

There’s been some press lately around the Government Super Scheme KIWISAVER. I’m sure you’ll agree this is a political football. The concept is a good one but it will take some working out.

In the absence of some definite structure I thought I’d help you with your savings by giving you a creative savings plan.

PAPER COLLAGE: Remember the mess we used to make with glue and paper? Well this one works well for those of you that love making a mess. It’s also great for getting the kids involved.

Make a poster of your goal. If you savings goal is for a car, get a picture of it enlarged. Most stationary places will provide you with a poster sized picture. Then calculate how much it’s going to cost and how much you need to save each week. (The wisemoney goals worksheet will help – download here).

Let’s say it’s a $3000 holiday and you work out you need to save $50 per week. Each week you should go to the bank and withdraw a $50 note. Then make a celebration event of stapling it to the picture. Over the next year you will have loads of fun sticking the cash to the picture. Your kids will help you to create this into a ritual. As the momentum builds you will all start to feel like you are almost there.

What are the risks?

Of course you are the biggest risk! You must not spend your savings. Hopefully by stapling the money to the picture you will reduce the risk of spending it on an impulse shopping trip.

Your kids and/or your spouse could also be a risk. Take care to talk often about the trip/car/pool so that everyone is completely committed.

Burglars or visitors are a risk. This savings idea probably works better for goals worth a few hundred dollars instead of a few thousand. Think of ways to reduce this risk by hiding it when you’re away, or perhaps by using photocopied money instead of the real stuff. (But if you use photocopied money you better not spend the real stuff! Use a separate savings account for this specific goal).

You will be amazed how excited your friends will be able your goal. They’ll even help you by making you stick to your plan! How’s that for valuable friendship?

Phil Strong
CEO Wisemoney