It’s no secret that everyone needs to save money. (Maybe with the exception of Bill Gates and Oprah). Teaching kids how to save money is one way to give them a head start on life. . The problem with teaching money saving skills –
- You may teach them too well and end up with a tightwad .
- You don’t teach them well enough and they spend through every dime the ever earn.
Saving skills aren’t always the fault of the parent. Sometimes no matter how hard you try to teach someone a skill, they just never learn. That isn’t a failure of the parent, kids are as unique as every other person on the planet. They are all different with different sets of values and different ways of understanding lessons. Just by encouraging your children to save money you are doing a great job – so don’t worry if your kids don’t seem to take to saving perfectly!
Try out the tips below in order to get started:
- Set a savings goal. If your child really, really wants something – a toy, a video game, even a trip to the ice cream parlor – use that as a goal. Write the goal down and track how far your child progresses.
- Create a savings chart. If you give your child an allowance each week or month, show them on a chart how much they need to take out of each allowance to save towards their goal. Check off each week.
- Make deposit slips for their piggy bank. As your child deposits money, they will have the slips to keep in a drawer. This way they can get a taste of banking!
- Make withdrawal slips, as well. The child has to sign each slip and write a reason for the withdrawal.
- Help your child think of ways to earn money. A kid that is working for their money has a view on cash much like adults – if they earn it, they’re less likely to blow through their entire ‘paycheck’. Don’t discourage them from trying new ways to earn money, they will not only learn to save money, but gain a creative edge to their money making strategy that will last for life.
- Place a picture of the goal item in their bedroom. They’ll see the thing they want everyday and be more inspired to save toward it.
The last tip for helping children learn how to save money isn’t included above. One of the best ways you can help your child learn to save is to lead by example. Open a bank account for your child at your own bank. Each week go to the bank and deposit your own savings. Take your child with you and let them deposit their savings for the week. By saving together, your child will watch you make the steps towards financial security and they will learn a valuable lesson that lasts a lifetime.
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