Supporting children and young people in care to manage their money is an essential part of preparing them for adult life. As a foster carer, helping a child learn about saving, budgeting, and financial planning can give them the confidence and independence they need when they eventually leave care. Encouraging positive saving habits not only builds financial security but also reinforces the stability, consistency, and trust that are at the heart of fostering.
Building Saving Habits Early
Introducing the idea of saving doesn’t need to be complicated. Start small by teaching children how to manage pocket money or a small weekly allowance. You might create a simple system with jars or envelopes labelled “spend,” “save,” and “give.” For older children and teenagers, consider opening a junior savings account or an easy-access account in their name. Encourage them to set aside a small amount regularly – consistency is more important than the amount itself.
These early lessons in saving are about more than money; they’re about teaching responsibility and decision-making. When a young person in foster care learns to plan ahead, they gain a stronger sense of control and self-worth, which supports their emotional wellbeing as well as their financial future.
Linking Savings to Independence Goals
As children grow, savings can be linked to practical independence goals. This might include saving for driving lessons, college materials, a laptop, or even the deposit for their first flat. Setting achievable targets helps them understand the value of patience and persistence. You can help by breaking down big goals into smaller steps and celebrating milestones along the way.
Foster carers play a key role in making these lessons real and relevant. When young people understand why saving matters – and how it connects to their own dreams – they are far more likely to stay motivated and focused.
Teaching Financial Skills for Life
Alongside saving, it’s important to teach practical budgeting and money-management skills. Show children how to make simple budgets, keep receipts, compare prices, and distinguish between needs and wants. Use everyday opportunities – like food shopping or paying for travel – as learning moments.
As young people in foster care approach adulthood, introduce them to concepts like rent, bills, payslips, and basic banking. These skills help them transition smoothly into independence and reduce anxiety about managing their own finances.
Working with Your Beacon Fostering
Beacon Fostering, understands the importance of preparing young people for independence. We can offer advice, tools, and workshops to help foster carers support young people with savings and financial planning. Working together ensures that the child’s saving goals align with their wider independence plan and pathway support.
Empowering the Next Generation
Foster carers do far more than provide a safe home – they equip children and young people with the skills, confidence, and habits they’ll need for life. Supporting savings is a small but powerful way to empower them for the future.
By building healthy financial habits early, celebrating progress, and creating a positive approach to money, foster carers can help every young person in their care step into independence with pride, preparation, and a brighter outlook.