21 Sep Teach Your Young Children to Save Money
You want your children to have a stable financial future, and the only way that it going to happen is if you take steps now to teach your child about finances and how to save money. One of the things that you need to realize is that for these lessons and tips to stick in the kids’ minds, they have to be engaging and fun. Who wants to listen to someone talk incessantly about saving when there other, fun ways to get to the same point? Here are some tips that you can use with your own children and help them learn to save.
Create a Chart with Goals
Kids are creative, and they can have fun helping you create a savings chart with different goals along the way. A whiteboard with magnets can work well. You can make a simple chart with increments in ten, twenty, or hundred dollar marks. When your child reaches that savings goal, let him or her add a magnet to show where they are on their savings journey. If your child needs to take any money out of savings, make sure that you both note it on the chart and lower the magnet. This will give them a visual representation of saving and spending money.
A Special Piggy Bank
Let your child choose his or her own piggy bank. It doesn’t have to be a pig, naturally. You can find character banks from cartoon shows and movies, or you could just get an old jar and let your child decorate it. Make it a fun and special project to choose or make the jar and your child is going to have more of an attachment to it.
Start a Reward System
Something else that you might want to try is to have a reward system for your children who are saving. When they reach a certain amount of money, you could give them some type of treat. This is similar to what some banks and credit unions do. You could choose any type of treat if it helps your child want to save and realize that there are rewards when they do not spend as much. This lesson can carry over into their adult life, and they will be more willing to save.
There are just a few ideas that you can use with your little ones when you are trying to teach your kids to save. The important thing is that you open up a dialogue with them about money. What ideas are you using to help your kids save?