Thursday, 19 December 2013

Teaching Your Children To Save: 10 Top Ways To Teach Children How To Save Money

Teaching your children to save is among the essential habits you need to inculcate into your children very early in life. There are ways to motivate your child to start saving.The most important thing is to make saving fun, but you have to teach this concept in a way they’ll understand. Here are a few ways to teach your child to save money.

1. Envelopes or Jars

Envelop saving system can as well work for children. Have your child draw pictures of what he wants on either envelopes or jars. Teaching your children to save also entails helping them torealize that some items will take longer than others to save for so that they would get a separate jar or envelope for spending on daily items, on long term needs and on short term needs.

2. A Savings Goal Chart

When you know what your children want to save for, figure out how long it will take and make a chart. You can use box to represent each week and your children can place a sticker on that box.Teaching your children to save in this way could help them see when they are getting closer to their goal.

3. Offer Rewards for Saving Money

Try to reward your children for saving their money.  Just like credit union, which offers undershirts and other rewards, you can offer prizes to your children.

4. Show them Good Example

Another efficient method of teaching your children to save is to let them see that you save money too. Keep money in a jar while your child is looking at you. This will show him that saving is normal.


As your child grows, here are a few more ideas to teach him about saving:

5. Open a High Yield Savings Account

When your child is old enough to comprehend interest concept, you can help your child open a high yield account online and enlighten him on the significance of compound interest. 

6. Assist Your Child To Prioritize

Have your child put down a wish list of things he desires to spend money on and help prioritize that list. Ask your child to think long-term like a graduation trip to Europe, and then have your child allot an amount to the goal.

7. Allow Your Child Make Errors

Allowing your children to make errors in order to be directed is another excellent way of teaching your children to save.The best lesson at times emanates from a poor decision, particularly when your children are young so the financial loss won’t be so much.

8. Talk About Money         

You may want to let your child hear you discuss your financial and retirement plan. In this way, he will understand saving as a lifetime endeavor.

9. Piggy bank

Piggy banks are way of teaching your children to save for a reason: it makes saving more interesting to this age group.

10. Show how interest works

Tell your child that whenever he saves a quarter you'll add a nickel in a separate jar. It makes your child understand better.
Finally, whatever your child's age, it's important you model good savings habits for them. The importance of teaching your children to save can never be over emphasized!

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