How to Teach Your Child to Save Money For Long and Short Term Purchases

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This is a fun project that solves multiple problems. It teaches your child that discipline is the key to financial success. It also is a great way to keep your loose change off the floor and out of the dryer. Finally it is a good green use for your gallon milk containers.

Things You Will Need

2 one gallon plastic milk containers.

Super glue

A permanent marker

Step 1

Wash both gallon milk containers with soap and hot water and thoroughly rinse.

Step 2

Dry containers. you may want to let them sit out in the sun for a few hours. Just make sure they are completely dry.

Step 3

Apply a few drops of Super glue to the caps and screw on the caps.

Step 4

Cut a small slot (big enough for a quarter) in the top side of the containers. Use a sharp knife or Exacto. Be sure to hold the blade facing away from you.

Step 5

Label one container "Long Term, Quarters Only" and the other container "Short Term".

Step 6

Instruct your child that the containers cannot be opened until they are full. Now they can establish their long term and short term goals. I would estimate that the Quarters only container could hold about $300.

We used to have a family bank when my children were young. Everytime they helped out without asking or did something nice I would make a contribution to the family bank. When the bank was full we would all get together and count it and then do something fun with our earnings like go to a movie or an amusement park.