How to Teach Your Kids to Save Money

Many children and teenagers these days do not fathom the value of a penny. They do not have a clue about earning, spending or investing money.

That is why it is so very important for parents to teach the matter of money to their children.

Parents play a very important part when it comes to teaching their children money saving tips.

Parents need to teach their kids about money especially in these challenging economic times.

Children need to understand the concept of money early on, this will hopefully help them to manage money correctly as they grow into adulthood.

These money saving tips maybe helpful in teaching your children:

1. Your kids ought to be taught about the concept of money – the earlier the better. When your child is learning to count, well that is a great time to start educating them on money. It is best to use an easy to understand way and use it frequently so they will remember it.

2. It is important for children to understand early on the value of saving money. Help your kids to understand how saving money will impact their lives for the better. As parents be sure to answer all your children’s questions.

3. Many parents give their children a weekly allowance. When you do give them an allowance you may want to encourage them to save some of their allowance for something they would like to buy in the future. That one money saving tip can be a real blessing to your child.

4. You also may want to teach your child to work for their money. We have done this with our 6 year old daughter, we have started to pay her for a few chores around the house. She doesn’t mind the chores and she loves earning extra money. She usually likes to use it to buy popsicles and candy.

5. Many parents teach their children how to save money by using a piggy bank. Or for older children getting them to open their own bank account and depositing all or some of their allowance money. It maybe motivating to the child to see their bank account earning and growing.

Money and saving concepts cannot be taught in just a one time teaching moment.

It is going to be an ongoing process with much needed patience.

Your child will learn the value of money and saving if you consistently guide and direct them.

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