Kickstart Your Child’s Future with 7 Must-Know Money-Saving Habits
Saving dollars—it just makes sense. And it’s a valuable skill to learn while you’re young. Sure your little ones don’t need to learn how to compound interest just yet, but we still have 7 ways you can help your kids learn invaluable money saving tactics.
1. Help them understand the math of it all.
Teaching your kids that 4 quarters go into a dollar is where it all starts. It’s basic math, which you kinda need to know to start saving money.
2. Bring home the bacon in a piggy bank.
You put a penny in, hear that satisfying sound, then it’s out of sight, out of mind! Your child gets a fun satisfaction watching their money disappear, and you get to surprise them down the line by showing them how much they’ve saved!
3. Induct them into the workforce with a weekly allowance.
Ya work, ya get paid. And what better way to get your kids learning about money while keeping your house in tip top shape?
4. Give them goals!
Place stickers on a chart to mark savings milestones. Tape a picture of the item they want onto a jar and put the money in that jar. Give your child a visual way to reach their goals and they’ll be inspired to save!
5. Make sure they know the trade-offs they’re making.
Sure they could buy that candy bar this week, but that means they’re not gonna get that video game later on. Teaching them to save money is also a lesson in patience. Call it a twofer for mom’s sanity.
6. Put the transactions in their hands.
Actions speak the loudest! When your little one puts down the money for that $5 toy and watches their money disappear, and… we all know how that feels.
7. You may have to wait to buy something you want.
Even as adults this is a hard truth of life. But alas, the fact that your kids have to learn that “now” isn’t always when they can have it is a bandage better torn off early.
As long as you keep these tips in mind and a hammer away from their piggy bank, you’ll watch your little one grow up with peace of financial mind. It’s enough to worry about until you have the credit card talk in their teenage years. Oh, and one more thing…
BONUS: Open up a bank account early.
They don’t have to know about this one right away. But in the long run, they’ll be thanking you. Especially when they see in their teenage years exactly what long-term saving can get them…