- Definition
Saving means putting money away now so you can use it later, like for a big purchase or an emergency, and it can also mean spending less.
Deciding not to buy a small toy this week so you can put that money toward a new video game is an example of saving.
How to teach this in 30 seconds
Try this analogy: Saving money is like a squirrel burying nuts to eat later in the winter.
Ask your child: If you got some money, what big thing would you want to save up for?
Common mix-up: Kids might think saving is just putting money in a piggy bank. Saving is also a choice to spend less on small things now so you can buy a bigger thing later.
Examples
- Putting half of your allowance into a jar each week to save for a bike.
- Choosing to pack a snack from home instead of buying one at the store to save money.
- Putting birthday money into a bank account instead of spending it right away.
saving is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
Where this shows up
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
