Saving money can be fun, especially when you do it with a buddy! Take it from POSB’s Smiley, the bank’s super adorable squirrel mascot that will walk with your kids through every step of their savings journey.
Come to think of it, I only started becoming familiar with the value of money when I entered primary school, and pocket money was introduced. Now that I’m a parent, I hope to introduce the concept of money — plus the value of saving — to my kids from a young age. Granted that it’s naturally a dry topic, and can be difficult for kids to grasp. But I’ve also come to realise that saving is a lot more fun when you do it with a buddy, and POSB’s Smiley is the perfect friend!
Who is Smiley? You and the kiddos have definitely seen it around – it’s POSB’s adorable squirrel mascot! And it’s an apt one as squirrels are natural savers (squirrels save acorns during the autumn months to prep for winter), making Smiley a great companion in your kids’ saving journey. Plus, Smiley has some fun tips on making saving fun for kiddos too – here’s what he has to share.
1. Get a personalised piggy bank…
This may be the oldest tip in the book, but it’s also one of the most effective ways to save. Instead of a box or the classic piggy bank, there’s no harm in being creative. Why not make a piggy bank that looks like Smiley itself? All it takes is an empty tissue box or milk carton for the body, painting some cotton wool brown for a bushy tail, and cutting out little paper ears. I tried it with my daughter; she was super excited to start filling it up, and couldn’t wait to start on her saving journey.
2. … or use your kids’ gadgets
If you have an older kid, make use of the Smart Buddy app to make saving more personalised and fun. I find this quite cool as it doesn’t just make saving interactive, but lets kids do so much more.
Link POSB’s very own Smart Buddy HR6 watch with your kids’ actual POSB bank account via the app. This allows you to set allowance limits via the app, your kid can use this watch for contactless payments, and you get to monitor their spending and saving in real-time. With the all-new HR6 Smart Buddy watch, you can easily navigate functions with a fantastic touchscreen, or use the torchlight to navigate in a dark room. You can even do cool stuff like monitor your heartrate, do mindful breath exercises, as well as measure your steps and calories burned.
Everything can be seen from the parent’s end as well, making it a great way to approach saving and spending together as a parent-child team.
3. Set a goal
Ask your kids: why do squirrels like Smiley save? Once they understand the reason behind it – which is to save for a rainy day (or in the squirrels’ case, a winter day) – they’re more likely to understand the importance of saving money.
To make it easier, ask your child what they like. Perhaps they’ve got their eyes on the fluffiest plush toy, or on a new puzzle. Use this as an opportunity to introduce a goal — take a large piece of paper, and draw a chart that divides the total cost of the item into small S$5 increments. Every time your child manages to save S$5, bust out the paint and decorate that segment to celebrate moving one step closer to buying it.
Pro-tip: Even better, introduce the kiddos to digital Smiley Stamps. Kids can use S$0.50 from their allowance to buy a digital stamp with their Smart Buddy from their school’s bookstores, which will be reflected as their ‘savings’. Each stamp shows Smiley with a thumbs up, cheering your kids on every step of their savings journey – how cute! Students can also refer to their collection of Smiley Stamps to see a visual representation of their current savings, and keep track of how much they need to reach their goals.
What’s more, your kids will be rewarded with a bonus S$1 when they accumulate 20 Smiley stamps, showing them that savings can be rewarding!
4. Be their role model
Above all, parents just gotta walk the talk. Smiley is a good role model, but there’s no better way to demonstrate good saving habits by parents modelling it for their kids. As a head start, even before your child understands the concept of saving, you can start by opening and saving in a Child Development Account (CDA) when your child is a baby to enjoy the dollar-for-dollar co-matching government scheme.
Or, how about turning it into a family practice where every member of the family is involved? Create a family savings challenge, or have family game nights with games like Monopoly that involves dealing with money.
Kick start your family’s savings journey with POSB’s SG60 National Savings campaign
Remember the Smart Buddy watch Smiley talked about? POSB is running a National Savings campaign, where you can snag one for your child to kickstart their savings journey from now until 31 October 2025, and be rewarded with even more savings! To celebrate SG60, every S$1 ‘saved’ will be matched with digital Smiley stamps by POSB. This can go up to S$10 monthly, with the promotion ongoing until 31 October 2025. To qualify, the child has to make six eligible purchases (of any amount!) in the same month with their Smart Buddy watch.
And if you’ve just welcomed a new bundle of joy, congratulations! Open a POSB CDA account by 31 December 2025 and receive a fantastic S$60 cash gift deposited into the child’s savings account. You’ll also receive an exclusive SG60 POSB x Pigeon milk bottle for your baby’s drinking joy. A CDA account is your gateway to dollar-for-dollar matching by the government; seriously, why say no to all that free moolah?
Get ready to start saving with Smiley, it’s going to be so much fun!
This post is in partnership with POSB.
