Tape a picture of their savings goal on the bank to help a child visualize what they want. With older children, you might liken the rewards of savings to time spent gaining proficiency in some skill. Saving, like practicing, is simply the act of preparing for a future need or desire. Perhaps a bank savings account can help a child handle this responsibility. You might make a poster to track the child's progress.
Older children get excited about how compounding of interest makes money grow.
Take the number 72, and divide it by the rate of return your money is earning. The result is the number of years it will take your money to double. When your children get older, teach them about investing in stocks, bonds and mutual funds. Or how Microsoft stock skyrocketed. Kids can relate to these companies.