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Easy Ways to Teach Your Kids to Save Money


Teach Your Kids to Save Money

Teach Your Kids to Save Money

If you’ve ever had a child, you’ll know that, as soon as they have their allowance, they want to spend it straight away. Saving is a grown-up skill – hell, many of us still haven’t perfected it yet! So it’s best to start them young and get them filling up those piggy banks. They’ll thank you for it one day.

Dollar for Dollar

For every penny they save, offer to match it with a penny of your own. When they’re older, and pennies turn into pounds, maybe drop this down to 50%.

Savings Account

Deposit a lump of your child’s savings into an account, and show them the interest it cultivates.

Set Goals

Create different coloured jars. If your child wants to buy anything, encourage them to draw a picture of what it is they want to purchase, stick it to a jar, and let them steadily raise the funds. You might offer to deduct a percentage of the product’s final price for all their hard work.

Reward Long-Term Saving

Once your kid has reached a certain amount of savings without spending, you can reward their efforts with a trip to the movies, a bar of chocolate, or a CD. Whatever it is that they enjoy.

Set a Good Example

Spend-thrift catches on. If your child sees you saving, they might just follow in your footsteps. Don’t enter the ‘one rule for you, one rule for me’ territory. A child likes to feel equal, not like they are being punished.

Let Them Make Mistakes

Their money is their own. The only way they will ultimately learn to save is by knowing what it is like to have no recreational expenditure. If they rush out and spend all their birthday money at once, let them. The lesson will become obvious when they don’t have enough left to spend on the latest video game or gadget.

Play Games

Monopoly, for example, is a money-orientated game which can teach children how to manage cash.

The Power of Pictures

If your child is saving up for a particular item, hang a picture of it on their wall, so they are constantly reminded of what they are saving for.

Wish List

Although items like ‘pony’ or ‘race car’ might be a distant dream, a wish list helps children prioritise and achieve their goals.

Help Them Spend Their Money

This may sound counter-intuitive, but if your kid gets focused on constantly saving, they’ll never enjoy the rewards that come with it.

In Store

Don’t always buy your child something when you leave the house. Remind them that money is important, and that everyone needs to make savings.

Allowance

Giving your child a weekly allowance familiarises them with money. Learning to handle money is the first step towards becoming a star saver.

Positivity

Be positive and talk in upbeat tones about putting money aside. This helps reinforce the idea that piggy banks are actually fantastic, and not an evil contraption made by mummy and daddy to stop them buying chocolate.

Post provided by Tony, on behalf of IVA expert. IVA Expert specialize in providing IVAs, plus help and support for people in need of debt management. If you’re in debt and want to do something about it, use this handy debt calculator to see how much you owe. Tony is a UK finance blogger who likes to make the most of his money

Easy Ways to Teach Your Kids to Save Money

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