Are you trying to get your kids into the habit of saving their money? I sure wish my parents would have done this for me. They did not and while my financial life is not their problem, it would have been nice to have a good idea of what money was all about when I became an adult. I would have loved to know the true importance of saving money too.
Anyway…let me get off my soap box for just a moment to give you all some tips on how you can help your children save their money, in case you find yourself looking for ideas on how to be do this.
- Start with a piggy bank Piggy banks are where it’s at when it comes to laying the foundation of childhood savings habits. Watching that stash of money grow higher and higher is a great motivation.
- Offer rewards. Just like with us adults, sometimes we need a reward to continue trying to reach our goals. This reward can be anything that is motivational. Maybe once they reach a certain amount of $ you take them out to pizza, or maybe when the piggy bank gets full they get to buy a toy. The rewards will likely be different for everyone, but they often help.
- Set a good example. Setting a good example is the best way to teach your kids most things in life, saving is no different. When you say things one way and act completely different, they are going to realize that you don’t necessarily believe in what you are saying.
- Don’t be secretive about money. Money is a reality in life. Money struggles included. While we don’t want to stress our children out and make them worry, we also can’t let them think that everything in life is easy. Make sure they understand what is required for day to day life. They can’t just think that all money goes to fun stuff. Let them in on family budget meetings. Let them watch you pay bills. It may seem silly, but it helps.
What are your best tips for teaching your kids how to save their money?
