In all the things that parents should teach their children, money saving is one of the really important lessons to learn. Like it or not, money plays a big role in life. Questions about money include: Do we have enough? How can we earn more? And what should we do with the money we earn?
Kids need to know these things in order to grow up and be responsible money managers. It’s a time-tested truth that the better money manager you are, the less stressful life is. So let’s start our kids off on the right foot! Here are the money saving ideas you should teach your kids.
Money Doesn’t Grow on Trees
Kids need to learn above all that money doesn’t just pop out of the ATM or appear out of your wallet. Make sure that kids understand that money saving is important, because you work hard for your money and want to hang onto some of it!
Give Kids a Budget
Money saving is best learned by practice, so start young. Set an allowance and then help your kids set a budget for their money that includes some savings. Once your child blows all his allowance on something, only to discover that he doesn’t have enough to go to a movie with friends, he’ll begin to learn the importance of money saving.
Saving Feels Great
Help your child decide on something that he really, really wants but doesn’t have enough money for. Then help him set a goal to save up the money to buy it. After he saves up and makes the purchase, money saving is going to feel really great!
Make the Savings Grow
When your child has begun to learn the value of money saving, help him find a place to put it where it will grow even faster. Some banks and credit unions have special student savings accounts for kids that pay higher interest. This is a great way to help your kids start saving for college!
Money saving lessons for kids are some of the best lessons you can teach. Help your child be prepared for a future of saving!