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What type of saver are you?

Kamahl Cogdon, October 18, 2020 6:45PM Kids News

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Learning to save takes practice but it helps to know what type of saver are you. media_cameraLearning to save takes practice but it helps to know what type of saver are you.


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Learning to save not only helps you get things you really want, but is a vital life skill you will need when you grow up.

Right now you might have your eye on the latest video game or new pair of really cool shoes — but your birthday and Christmas seem so far away.

Saving up to buy them yourself could be the answer.

But how do you become a good saver?

Just like any skill, it’s something you need to learn and work on.

Finding the way to save that works best for you is a good first step.

There are a number of different types of saver. Let’s see if you can find out which one you are:

Having a goal in mind — such as an item they want to buy or an amount of money they want to reach — helps this type of saver boost their money box or bank balance.

Putting a picture of their goal on a money box or jar can help keep this saver focused. If they have more than one goal, they can keep different money boxes or jars for each.

You might be a goal setter saver if you:

  • know what you want and know how long it will take you to get there by tracking your savings
  • like setting targets and putting actual figures or dates next to what you’re saving — it helps keep you motivated
  • believe savings are important for planning for the future and for buying something you really want
Girl Putting Coins Into Glass Jar Labelled Savings At Home media_cameraLabelling a money box or jar can help the Goal Setter meet their savings goals.

This smart saver understands the benefit of having some money set aside for a “rainy day”. That means saving some money just in case something bad or unexpected happens, such as if your computer broke down and you needed it for your schoolwork.

The rainy day saver doesn’t need to see an immediate reward for their savings effort — they have their eye on the future.

You might be a rainy day saver if you:

  • want to make sure that you have some savings ready in case of an emergency
  • don’t spend everything that is in your savings — it is important to have enough left over. You might not have a specific savings goal in mind, like a new bike or PlayStation 5, but you do know you want to have money in your savings just in case
Son Receiving Pocket Money After Completing List Of Chores media_cameraThe Reward Reaper enjoys saving and likes to think of ways to boost their pocket money.

Little rewards along the way can help.

This type of saver might keep a chart so they can tick off their savings milestones*, such as a gold star or a treat like an ice cream for every $10 they save.

Banks also have special accounts that are designed to reward saving. For example, an account might pay a small bonus (also known as “interest”) if the customer makes a certain number of deposits* and no withdrawals* in a month.

Another way rewards can help keep them on track with their savings is when mums and dads or other adults in their lives agree to chip in. They might set a goal to save 80 per cent of a goal amount from their pocket money, while their parents agree to pay the remaining 20 per cent.

You might be a reward reaper saver if you:

  • like being recognised and rewarded for your work
  • have a system in place that helps ensure you stay on track with your deposits, such as your parents setting up an automatic transfer or having a chart to help you stay on track and not miss a week
  • enjoy saving and sometimes like to think of ways you can boost the amount of pocket money you can receive
Happy boy holding bags at a shopping center media_cameraThe Sometimes Saver likes to dip into their savings to buy things every now and then, which is fine as long as they save more than they spend over time.

This type of saver likes to put savings away every now and then. They also might dip into their savings occasionally when they want to buy something.

The main goal for this type of saver is to try to put more into their savings than they take out over time.

Experts say the best way to grow savings more quickly is to put aside a portion of money regularly.

So if you get paid pocket money weekly, a good structure could be putting 50 per cent into savings, setting aside 40 per cent for spending and 10 per cent for donating to a cause.

You could be a sometimes saver if you:

  • usually look at what you’ve got left at the end of the week or month after receiving your allowance, pocket money or pay, and then putting some of that into your savings
  • believe savings are important for helping you buy the things you need when you need them
  • don’t have a regular savings deposit set up

Westpac spokesperson Jenny Melhuish said it was important for kids to learn positive savings habits to set them up for financial success in the future.

“Saving is like anything – it takes practice and the more you do it, the better you can become at it,” she said.

“It’s a really good life-long habit to get into. I’ve been encouraging my daughters to save just a little bit of their pocket money each month and we also focus on longer term goal-saving.

“I have twin girls who are 10-years-old, and they approach saving differently. I would say Honor is more of a Goal Setter, while Ava is more of a Sometimes Saver – but each of them is getting into the habit of saving and that’s what is important.”

Girl (10-12) watching twin brother drop coin into piggy bank media_cameraIt’s important to learn how to save no matter what type of saver are you.


  • milestones: important stages along the way
  • deposits: money being put in
  • withdrawals: money being taken out


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Modern ways to learn the value of pocket money


  1. What type of saver knows what they want and tracks their savings?
  2. What type of saver enjoys saving and thinks of ways to boost their pocket money?
  3. What type of saver likes to put money into their savings every now and then?
  4. A good savings structure could be saving 50 per cent of your pocket money, having 40 per cent for spending and 10 per cent for what?
  5. What do experts believe is the best way to grow savings more quickly?


1. Identify the type of saver

Part 1
What type of saver are you? Explain how you know. (What things do you do that fit the profile of this saver type?)

Part 2
Decide which type of saver each of the below people are:

Heath needs to make his bed each morning, helps set the table each night and washes his Dad’s car on Sunday. In return he gets paid $10 pocket money each week. Last week he spent most of his money at the canteen and put what was left over into his money jar.

Priya really wants the new scooter she saw at the shops. She has printed a picture of it and stuck it up on her bedroom wall near her piggy bank. She has worked out that if she keeps saving 75 per cent of her pocket money, she will have enough to buy it in seven weeks.

Jed likes watching his savings grow. He has been saving since his Mum opened him a bank account last year. He gets his Mum to put half of his pocket money straight into the account each week, and also adds a quarter of any money he receives for Christmas or birthdays. Each time Jed’s savings reaches the next $10 increment, he does a “happy dance” and Mum has said she will add a bonus when the account reaches $100.

Simon likes to save a little bit of his pocket money each week and hides it away in a secret spot where his brother can’t find it. He’s not saving for anything in particular, but thinks that “you just never know when you might need it …”

Time: allow 20 minutes to complete this activity
Curriculum Links: English; Mathematics; Economics and Business; Personal and Social Capability

2. Extension
You’ve got to get money to save money! Some families give pocket money for completing chores and some kids may receive money as gifts for special occasions, but what other ways are there for kids to make money? Set a timer for 5 minutes and brainstorm a list of all the different ways you can think of that you could make money. After the buzzer goes off, choose your best idea and create a more detailed plan for this idea, including how much money you realistically believe it could make.

Please note: All ideas should be legal and safe.

Time: allow 20 minutes to complete this activity 
Curriculum Links: English; Mathematics; Economics and Business; Personal and Social Capability

Opener Up-Level It
Make a list of all the openers in the article. Pick three that repeat and see if you can replace them with another word, or shuffle the order of the sentence to bring a new opener to the front.

Don’t forget to re-read the sentence to make sure it still makes sense, and that it actually sounds better.

HAVE YOUR SAY: What have you saved up to buy? How did you do it?
No one-word answers. Use full sentences to explain your thinking. No comments will be published until approved by editors.

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