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How to Teach Kids to Save Money
By Martha Sanders
Many kids don't understand the value of earning and spending money these days. As parents, teaching your children the value of money is one of the most important lessons to prepare them into adulthood. You should help your kids understand the concept of money and saving as early as possible. Here are a few parenting tips to help you teach kids to save money:
1. Once your kids are able to count, that's the perfect time for you teach them the real meaning of money. A great way to introduce them to money is by using toy money. Play shops with your kids; let them get used to the concept that money isn't exhaustible. Once money is spent, it's gone forever.
2. Always explain to your kids the value of saving money. Make them understand its importance and how it'll impact their life.
3. The time when kids get a real feel of money is when they're given pocket money or allowances. You should give your children their allowances in denominations and then encourage them that they need to set aside a certain bill for the future.
You can motivate them by saying that with the money saved, they can buy a new pair of shoes or the toys they like.
4. You can also teach your kids to work for money. You can do start this at your own home. For instance, pay them fifty cents to a dollar every time they clean their rooms, do the dishes or for good behavior. This way, kids will learn that money is something which they have to work for and should be spent wisely.
5. You can teach children to save money by giving them piggy banks or jars where they can put coins and wait until they get full.
Or, you might want to consider savings accounts. Many banks help kids with the learning process by providing accounts specifically aimed at kids and promoting the benefits of saving money.
6. You may want to match savings. For instance, for every dollar your kids save, you can put in a matching contribution to encourage them to save money. Praise them for any amount of savings.
7. Be an example and save money in front of your kids. You can deposit money in the bank with your kids and explain what you're saving for. Your kids are very likely to mimic your actions.
While the road to understanding money and saving isn't always an easy one for kids but if you're patient and consistent in your guidance, your children should be able to learn to save money over time.
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