Do your children see you pay with plastic? Do they truly understand the value of a dollar and realize money doesn’t grow on trees. Why not get your kids started on the right foot financially by teaching them about the green stuff? Small steps today can lay the foundation for a solid financial future.
Use A Clear Jar To Save Dollars And Coins
Looking to teach your children about how saving is important? Start with a clear jar to save dollars and coins, whether putting in spare change or even their monthly allowance. Pass on piggy banks. Children can’t see how much money is in their bank.
Let Them Earn Their Own Funds
Allowing children to earn and save money, as a regular allowance or as payment for specific tasks completed, provides them with the opportunity to learn how to use it, offering important lessons about the value of hard work.
Open A Savings Account
Take a trip to a brick-and-mortar bank and open a savings account for your child. One of the best ways to teach children, especially teens, to save is to put your money where your mouth is. Match their contributions to savings. If they contribute $10, then you contribute $10. Building a savings account at a young age is one way to lay the foundation for future financial stability.
Make Savings Goals
Do your children have certain items they want to purchase? Encourage savings goals. Goals should be specific and attainable. Purchasing their favorite toy or game can motivate children and teens to save. If they have a specific purchase in mind, help them break down their goal into manageable steps.
In closing, remember to allow kids room to take risks along the way, using their missteps as teachable moments. Learning to save today is important for a child’s financial future. After all, “A penny saved is a penny earned.”
Guest authors Elizabeth McCabe and Shauna Osborne first published this article in Stroll Treesdale.
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