New Habit of The Month – Teaching Kids to Save Money!
Posted in General, Growing Up, Parents To Be, Working Moms on Friday, November 28th, 2014
It is never too early to start teaching your little ones the value of money. As your kids grow older, they will learn about money whether you teach them or not. However, as a parent making a conscious effort of teaching kids how to manage and save money can have a positive impact on their lives. While children learn about the ethics and other principles at school, financial education is something that they learn at home. It is up to you to instill good habits in your kids from an early age, so that they grow up to become independent and responsible citizens. Here is what you can do to help your kids understand the value of money.
1. Piggy Bank is a great teaching tool: Buy your little ones a nice little piggy bank from the store and encourage them to fill it up with coins and notes. It is best to buy a clear piggy bank, so that your kid can see the money growing inside, which is a great encouragement for your little one. Once the piggy bank is full, remove the money and let your kid spend some of it.
2. Set an example: If you splurge, chances are that your kids will also grow up to become spendthrifts. Your little ones are watching you and eventually will learn from you. So, set a good example by being responsible with your money and spending wisely.
3. Encourage kids to buy their own stuff once a while: Help your kids save up for the toys they have been eyeing and encourage them to buy it with their own money. This will help them understand the value of money and will make them feel like they have earned the toy.
4. Open a bank account: Many banks today offer account programs for kids with special incentive and prizes. Going to the bank and making deposits is in itself a learning experience for your little ones and it will be a great start to teaching them to save money.
5. Pay them for their chores: Assign small chores like watering the plants, taking out the trash, washing the car and dusting to your kids and pay them for their work. This way they will learn that money is earned and not just given.
Doing all of this might require an investment of time and patience on your part, but if you want your kids to become more responsible with their money then you will have to make the effort to teach them.