Get your children to save money

Getting Your Kids To Pick Up The Saving Habit

by Roman on February 17, 2010

Saving money is something that everyone will have to learn at some point in their lives or another, so it makes perfect sense to get your kids familiar with the idea as early on as possible in their lives. The good news is that most kids will take very well to the idea of saving and you should be able to get your young one into the habit with very little trouble in your part.

Teach Children the Basics of Saving Money

One of the keys to teaching your children good saving habits is regular reinforcement. The good news is that money matters usually have to be considered numerous times every day anyway, so there are a lot of opportunities for you to teach your children some valuable lessons in the art of saving. As soon as your children are able to understand basic concepts such as getting paid for work rendered and how money can be used to buy necessary things and so forth, it is probably a good time to bring up the merits of saving and how they can go about it.

Weekly Allowance and Chores

An ideal opportunity to discuss savings is when you are discussing your child’s allowance. Try to determine certain tasks around the house that your children can do and that you will pay them for. These should be tasks that go beyond their normal chores but have to be done anyway. The point is not that they will have to be paid to do their chores – an approach that may well backfire on you when your young entrepreneur demands a fee for making his bed – but rather: that money doesn’t come for free, and that he will have to work to get it.

Shopping and Saving Money

Shopping is another great opportunity to introduce the concept of saving. You can start off by putting together a grocery list and cutting out coupons you can use. Ask your kids to find out which items go with which coupons, and discuss the merits of buying generic products versus branded products. You could then let your kids have any money that you save by using coupons, as a way to illustrate the potential savings they can realize.

Comparison Shopping

Also explain the value of comparison shopping and waiting for items to go on sale. Of course you will also want to teach your kids the true value–as opposed to the apparent value–of certain products, and that buying essential foods such as milk and eggs is a lot more cost effective than buying non-essentials such as soda and candy.

Encourage saving. Make sure that your child has a piggy bank of some sort, whether it is an actual piggy bank or even just a milk bottle. Not only will this get your child into the habit of saving regularly, it will also give him an encouragement boost as he sees the bank get heavier and heavier everyday.

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{ 6 comments }

Car Insurance Phi February 17, 2010 at 3:57 pm

Great article! There are cool and fun ways to help teach your kids how to save money and you’ve listed some great ones. Another thing in addition to your chores is maybe allowing them to set up a little business like a lemonade stand that way they’ll know the VALUE of their money that they are earning which will ultimately help them decide on whether to spend the money or not.

Roman March 2, 2010 at 2:39 am

I agree – teaching your children the true value of money is one of the most important things you can teach them!

Partha February 18, 2010 at 9:57 pm

Hi

You are right. Infact we have to teach our children to art of saving. I have already taught my son to use his savings to buy gifts for his friend’s birthdays as well as books for his personal use.
Partha

Roman February 24, 2010 at 8:36 am

Nice to see you are teaching your son how to be successful with money!

webpage maker February 26, 2010 at 2:28 am

What are you getting your kids this year for Christmas?
I like to do a lot of research on the toys I buy and find reviews. I was wondering what you were planning on getting your kids and what their ages are. I will post mine later.

Roman February 26, 2010 at 7:28 am

Wow, I usually never think about christmas before November or the beginning of December… and I don’t have children but if I had I’d probably get them something that is fun but at the same time educating!

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