Do you want your children to grow up successful and financially secure? I’m sure you said yes to that. I’m sure you don’t want to see your children living paycheck-to-paycheck anymore than you want yourself to do that. So how can you teach your kids lessons now to help them become more financially secure as adults?
Well there are countless tools and tricks out there but not all of them need to be difficult, expensive, or hard to understand. Here are five ways you can teach your children to be savers:
- Lead by example. The absolute best thing that you can do to help teach your children to save is by setting an example for your kids. Make sure they grow up seeing how important saving is to you and they are more likely to follow suit.
- Have them save part of their money. Do they have money from allowances, gifts or somewhere else? Make sure you have them put aside a percentage of their money earmarked for savings. It’ll It’ll get them in the habit of making sure to always do it.
- Get them a piggy bank. Get a piggy bank for your kids and set a goal together for them to fill it to the top. I don’t know if you remember your first piggy bank or not, but feeling the bank get heavier and heavier is a great motivator.
- Make them wait on big purchases. If your child has money in their hands and they are chomping at the bit to buy a big expensive item, make them wait. Making them wait it out and determine how much they really want or need that item is a great way to curb impulse purchases.
- Start an interest-bearing savings account. Once they have their piggy bank filled up, take it to the bank and start an interest-bearing savings account for them. It’s exciting to earn money without doing anything so allow them to keep track of their bank balance for motivation.
