Saving money is one of the most important lessons you can teach your child, but it can also be one of the hardest. In 2012, the AICPA (American Institute of Certified Public Accountants) found that only one percent of parents say their kids save any of their allowance. Every situation is unique, but here are five ways you can help your kids start saving today:

1. Set a goal.

It all starts with a savings goal. Saving can be tough, but by offering a reward at the end, you can encourage your child to work hard and follow through. Creating a savings goal together also gives you and your child an opportunity talk about saving money. For some great tips on how to get the conversation started, be sure to check out our article “Teach Your Kids to Save with Money Talks.”

2. Use an envelope, jar or piggy bank.

Using a clear jar or piggy bank can help your child see the progress he’s making. Let your child decorate the bank with pictures, stickers, or magazine cutouts that illustrate his savings goal. You can also use multiple banks or envelopes to represent different goals. For example, you can have a bank that represents a long-term goal, another for short-term spending, and another for giving.

3. Make a savings chart.

Work together to make a savings plan, and then create a chart to illustrate your child’s saving progress. Whether you use stickers and a grid or the classic thermometer, a savings chart is a great way to help your child stay motivated to reach his goal. Let your child decorate the chart with bright colors and pictures, and then hang it in a conspicuous place in your home. His savings chart will be a constant positive reminder of his weekly progress!

4. Give them an allowance.

Giving younger children a weekly allowance can help them learn how to manage money and save towards a goal. You can tie the allowance of older children to specific chores or tasks to help them understand the value of money and the importance of working hard to reach their goal.

5. Open a savings account.

Open a youth savings account at Ascend. This is the best way to help children learn to save for what they find meaningful in life. A lifetime of good savings habits can start now!

Saving isn’t always easy, but teaching your children to be responsible with money is a gift that will help them throughout their lives.