How to make saving money a family thing?


What is the topic for your weekend family discussion? We discuss a lot of things in our living room while the entire family is chilling out. We talk about what car we should get or our vacation plans. But surely there is one thing we avoid or think it is not that necessary to discuss with family members.

Family savings are what we are talking about. And it need not be a boring topic to discuss; if the family joins hands and decides to plan the entire savings goal together, it can actually become a fun activity.

Plan a contest

You can designate a saver of the month within the family in the same way that you would a student or employee of the month. The plan could be to save as much as possible—for parents from their salary and kids from their pocket money. Then, based on their efforts, the family could choose the winner.

This activity will help every individual understand how to take steps towards saving money. Moreover, it will inculcate the habit of saving within the family.

Strategies for savings

Every member of the family could strategize their savings plan; parents could use ride sharing or public transportation to reduce travel costs. If possible, kids should also use public transport to go to college and avoid cabs. Monthly food orders could be planned and random orders could be avoided. If your family enjoys going to the movies, you could schedule a family movie night rather than spending money on each screening.

When you work together to save your hard-earned money, it will improve your family’s mutual understanding.

Open a family savings account

The money your family is saving could be parked in a savings account. Today, you have the option of opening a digital savings account from the comfort of your home. Kotak811 offers Zero Balance Account Opening Online within minutes, without any balance commitments. The account is also furnished with a complimentary virtual debit card and the option to invest in FD and RD. If needed, you can also apply for a credit card without a credit score or income documents.

Group plans

It is important to consult within the family before making any costly purchase. It will make everyone feel included. Also, you may come up with alternatives that solve the requirement without breaking the bank.

Together, you should ask questions like: “Will this purchase serve every family member, or is it a self-satisfaction thing?” If it is a self-satisfaction thing, how long will the product retain its value?

Questioning the purchases will clear the requirements for the entire family.

E.g. – If the father is into photography and is looking to invest in a high-end camera, he should consult with the family first, discuss the pros and cons, and then decide.

Idea bowl

To spice things up, the family could keep an idea bowl in which family members could place their money-saving ideas each month; at the end of the month, the best idea could be rewarded.

Such an activity is the best brain-storming exercise to transform saving into a fun game.

Final thoughts

If you work collectively to create some interesting and fun activities around saving, the family might end up with a better savings plan. Learn more about how you can save and invest as a family.

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