(Recommended age: 15 - 18 years old)
The 52-Week Money Challenge is a simple money-saving method that can motivate your kids to save more, especially at the beginning of the year. The challenge is to get them to save in little amount each week, then build it up accordingly in the following weeks.
This challenge is popular among adults too! For teenagers, it helps them to cultivate a long-term habit and to avoid impulse spending.
Encourage them to start out by saving RM1 in Week 1, RM2 in Week 2, RM3 in Week 3 and so on. The plan is to gradually add an extra RM1 each week until they manage to put away RM52 in the final challenge of Week 52.
By the end of the challenge, they would have a total savings of RM1,378! This challenge is a great way to learn how to budget allowances and expenses in order to save the targeted amount for that week.
Where to save?
If your kids are below the age of 18 years old, they may save it under any of the saving accounts mentioned above. However, once they’ve reached the age of 18 years old and above, they can finally open their savings account on their own and continue the challenge in the next coming years. Alternatively, you can also open an SSPN account (which is eligible for tax relief*), or low-risk investment accounts/trust fund for your kid's future.
Perhaps once they’ve started making an income in adulthood, they can further challenge themselves to save in bigger amounts each week for 52 weeks.
In need of options for a suitable savings account or investment accounts for your teenager? You can browse our deposit products here and investment options here.