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It’s never too early to educate your kids on how to save money and to spend wisely. According to a report done by researchers at the University of Cambridge, it’s revealed that kids’ money habits are formed from as young as 7 years old.


Unsure of how to start? Here are 3 fun money-saving challenges your kids can try today: the Money Jar Challenge, the Grocery Budget Challenge and the popular 52-Week Money Challenge!  

The ‘Save, Spend, Share’ Money Jar Challenge 

(Recommended age: 3 - 12 years old)


For young kids, it’s easier to kick-start their saving habits with a method in which they can visually see the consequences of their actions. Introducing, the Money Jar Challenge. Not only will your kids get to see their money grow, they get to learn how to save and to spend their savings wisely as well!


Get 3 jars and label each with ‘Saving’, ‘Spending’ and ‘Sharing’ respectively. Each of these jars represents:


The Savings Jar: Use it as a long-term savings goal and watch it grow together.


The Spending Jar: This can be used for small purchases like a candy treat. 


The Sharing Jar: Donation for a charity of your kid’s choice or to help a friend’s cause.


Explain to your kid what each jar represents, then teach them how to allocate their pocket money, Ang Pow or Hari Raya packets into each category - Savings, Spending and Sharing.


Where to save?


Once the savings jar is full, it’s time to transfer their savings to the bank where they will be kept in a secured environment. Bring your kids and open a child’s savings account together! Besides that, your kids’ savings are further maximised with interest rate or profit rate. Start the saving challenge with your kids today! 


Want to check out what CIMB has to offer? Browse our junior savings accounts options here

The Grocery Budget Challenge 

(Recommended age: 12 - 17 years old)


Now part of the money-saving challenge is to educate your kids to make wise financial decisions. The Grocery Budget Challenge encourages your kids to participate in the weekly or monthly grocery shopping budget. With this challenge, you entrust them to list out essential vs. non-essential grocery items, set the budget then pass the cash to your kids. This will give your kids the experience of making choices with money.


It’s important that you also take the time to explain deals, brands and how they can maximise savings on their groceries. For example, should they buy a well-known orange juice brand that costs RM6 or a cheaper brand, that costs RM3 only?


At the end of each grocery shopping, get your kids to compare the budget allocated vs. what was actually spent – did they went under or over budget? To encourage your kids, you can also deposit any amount saved into their piggy bank. 


Where to save? 


While some junior savings accounts are much suited for kids below the age of 12, there are some that are more suited for teenagers, such as CIMB YOUth Savers Account and CIMB YOUth Savers Account-i for kids above 12 years old.


Not only will your kids benefit from bonus incentives but this will also be their first taste of owning their own debit card as well. This would be a great chance for you to educate your kids on the responsibility of getting a debit card and budgeting.

The 52-Week Money Challenge

(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




Learning how to save can be fun and easy. While these money-saving challenges are categorised according to each recommended age group, you can also participate in the fun to further motivate your kids to save money.


Remember, money-saving habits take time to grow on your kids, as self-discipline also plays a factor here. It may be hard at first, but constantly reassure your kids that they’re doing great in keeping track of their finances - no matter how little the amount may be. Good luck and have fun trying out these challenges! 


This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.