Did you read up on my savings tips for kids the other day? Did you get any good tips out of that? I have three kids and I want to be sure that I help them as much as I can in order to help them live their most successful financial lives as adults. How about you?
More Savings Tips for Kids
- Have a place for them to save. Whether you start a bank account for them, or get them a fun piggy bank, the key is to provide a place for them to save their money where it will be less tempting for them to get to. A secure piggy bank can be fun because they can physically watch (or feel the weight) grow!
- Don’t take them shopping all the time. My daughter has been working (babysitting, dog-sitting, etc) often this summer and every time she makes money she asks to go shopping and I always have to tell her no. It’s not that I don’t want her to be able to reward herself for her hard work, but I want to allow her some time with the money so that she has a more difficult time spending it.
- Give them an allowance. If you have young children, they don’t have the ability to earn money on their own and the fact is, they are not going to learn how to manage money until they have money of their very own.
- Let them sit in on budget sessions and bill paying time. Budgets shouldn’t be hushed hushed. You should let your kids know that you are following a budget, so that they know that it is the best way to succeed with their own finances when they are adults. If you blindly spend money without following a budget, there is no way you aren’t going to have money troubles. Include them in this fact and start it when they are young.
Please share your best tips for teaching your kids
