Saving with HootLoot


Giving children savings goals and helping to reach them are a great way to help develop good financial habits. Planning, budgeting and prioritisation as well as the more obvious savings bug are things that will help them through life. Remember that most financial habits are learnt by the age of seven, so waiting until they are an adult and earning a wage is simply too late.

These easy steps are as relevant for parents as it is for children.

1. Give the goal an identity

A goal to "save money" is not going to inspire your child (or you) to forgo something today. 

The goal needs to be something that your child can relate to. Ideally it is something that they want or understand the benefit of so are willing to make the sacrifice. 


2. Work out what the actual goal is

This might simply be the purchase price. In other cases the real goal might be to save as much as you can towards something and mum and dad are matching savings. Whatever it is, it is easier to hit an actual target. Establishing an amount and a date to aim towards will make it easier to focus on achieving the goal.


HootLoot has a range of simple and easy to use calculators to help work out your, or your child's goals. These will allow you to calculate a goal amount and date, but always work out a savings plan to achieve them.


3. Work out how much you can save

"Spend what is left after saving, don't save what is left after spending"

Work out what is a realistic amount that can be saved on a regular basis. Trying to save too much and you're likely to lose interest, too little and the goal never seems like it will be achieved.


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4. Set up a regular saving plan

Regularise it! automate it!

If it's for children - take it out of their weekly allowance when you give it to them. Better still give them their allowance and let them give you back the portion for saving (if you are the Bank of Mum and Dad).  Either way discuss it with them so they are involved.

In HootLoot you can automate this with our Regular Saver, that records a set amount to specific saving goals each week.


5. Keep it separate

Don't mix savings with spending money. Store it somewhere separately or have some way of clearly identifying what can and cannot be spent.

If money is held in a bank account, put it in a separate savings account where it cannot be easily or accidentally spent. Savings should be working for you - earning you interest or a return.


6. Monitor it

Don't forget it. Check your progress. If you fall behind see how much more you need to save to get back on track.

If this is not realistic consider changing the target date so that it is a realistic possibility rather than carry on with a goal that is unachievable.

 Hootloot will help you and your child remembering your goals with weekly email notifications !


7. Stick with it

 I know, forgoing something today for a better tomorrow can be tough, but stick with it. If its worth saving for, it's worth the effort.


8. Reward achievement

Watch the milestones. 25%, 50% 75%. It gets easier with each one.

Make a big deal about them, Hootloot will notify you everytime. Share on social media, tell everyone! Success builds success.


9. Achieve it

Enjoy it. Your child won't remember what they missed out on, but they will enjoy what they have achieved.


10. Set another goal

Don't stop there, capitalise on the success.

Remember they're not just saving money - they're learning better financial habits that will help to avoid problems later in life.


Good luck and let me know how they get on!



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