Teaching The Kids About Savings.
Saving money is an essential life skill…………… And, teaching our children to save is equally important!
The sooner the kids learn how to save and manage their money, the better they’ll be at in the future, benefitting them greatly in the long term.
If you’d like to start teaching your child how to save, follow some of these tips as a good starting point:
- Regularly give your child a small allowance for them to manage, and encourage them to save at least half of it.
- Teach your child the power of compound interest! As money accumulates over time, your kid will save a lot more money in the future.
- Show your child a few items that they would love to have, as an incentive, and help them to save up for them, and purchase in the future.
- Saving money may seem dull and boring to your child, especially if they are looking forward to a particular treat, so make saving fun! If your kid puts their money into a piggy bank, they can watch their money grow.
- Open a bank account for your child, where they can deposit their money into it.
These are small and simple tips to help you teach your child how to save – it seems easy, right?
If you get your kids into the habit of saving today, they’ll learn to be smart and sensible in saving money in the future.
And you don’t know… you may learn a thing or two yourself!
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8 Comments
Kristine
I really need to get in the habit of teach my boys more about finances, especially with how important it is! I love the idea of making sure they know about compound interest, it is not something I would have thought about. These are really easy tips to help get started. Thank you!
Jess
Good advice. I wish I would have gotten this type of advice when I was young! Will try to do this with my own kiddos!
Mom Nessly
Teaching them young will reap good benefits. It teaches a lot of things. From discipline, being thrifty and more. Great skill to inculcate in our children. Thanks for sharing!
J casey
Thank you, I need to save this for when my boys are a little older. This is great advice and I want to make sure I start them off on the right path!
Sandra Tanner
Teaching kids how to save at an early age is so important.
Jennifer
Great tips for little ones! Thanks for the ideas. Definitely an important topic.
Keisha
Great article. We really do have a responsibility to teach our children about money . It’s something I try to teach my own kids.I didn’t think about teaching them the compound interest factor will be doing that now !
Kari
I totally wished that I had understood compound interest a lot sooner! My life would look vastly different if I had!