Teaching Kids How to Save Money
Teaching kids how to save money can sometimes feel as though you’re brushing your teeth while eating Oreos. The key component to teaching your kids to save money is to start them out early. Kids learn best when they are taught from a young age. Honestly though, your kids need to learn about saving money so it’s never too late to begin the money saving lesson.
Talk About It
You can preach to your child about saving money all you want; however, talking to them is where they learn. Walk them through the process of saving money and why it’s important. Saving money is a valuable lesson your child will take with them for many years to come, so take the time to talk to them about it. If you are looking for a program to help your kids learn money management, check out my review of FamilyMint.
Allow Kids to Start Earning
A child can’t save money in they don’t have any money. Allow your child to start doing small chores around the house to help with this endeavor. They can do something as small as putting their shoes in the closet. The parents get to decide how much money will be paid out for each chore. Of course, the older your kids are, then the more they can earn.
Save, Spend, and Give
Part of teaching kids to save money is teaching them how to spend it correctly. Many adults do not understand the concept of saving, spending, and giving. When a paycheck is earned, it’s very tempting to go out and spend it all; however, that won’t get anyone very far in life. Teach your kids about the value of splitting up money evenly.
Get the Age Right
Kids have different comprehension skills at different ages. You cannot expect a two year old to understand savings the way a twenty year old would. Make sure the money saving lesson you are teaching your child makes sense for their age. When a “kid” reaches their teen years, saving money should get a little more serious, considering they will be heading out into the workforce or college soon.
Teaching children about the value of money now will help them later in life. Learning about money can be difficult for some children, so it may take a few years for them to understand the full concept. One of the biggest lessons to understand, when teaching kids how to save money, is that they are watching your every move.
How do you teach your kids about saving money?
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