If you’re like me, you hope to teach your kids to save money {and be better at it than you were!}. Fortunately, it’s not hard to do. You just have to start young. The goal is to help them turn saving into a smart habit. Let’s learn some tips to help you teach your kids to save money–and be savers for the rest of their lives.
Tips To Teach Your Kids To Save Money
In order to teach your kids to save money, you also have to teach them all about money. Where should you start?
Be an example! Let your kids see you handling money responsibly. Take them to the bank, show them the family budget, and talk about money so they grow to understand more about it. Money shouldn’t rule our lives, but we all have to learn to use it responsibly.
Talk with your kids about saving money. Make sure they know how important it is to have an emergency fund. Help them understand how saving money is the way to get those bigger items they want. While your kids are small, a piggy bank is a great place to start.
More Tips To Teach Kids About Saving
Speaking of the things they want, teach your kids the difference between wants and needs. This is a subject some adults haven’t learned, so if you help your kids learn this much, you’re setting them on the right path.
Before your kids can start saving, they need to start earning. Allow them to do extra chores around the house to earn some money, or set a weekly allowance for them based on chores, good behavior, and completed homework.
Once your kids earn some money, help them track their own spending and set goals for saving. For example, your kids could start a student savings account for college, and another savings account for a big wish list item. Let them keep a certain amount for spending money.
When your child is old enough, perhaps a teenager with his first real job, help your child open a bank account with a limited debit card. This lets him begin learning how to handle a checking account as well as a savings account.
If you teach your child how to save money while he’s young, you’re setting him on a path that can lead to better financial success as an adult!
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