Teaching Children About Saving Money

Is it time that you and your child have a talk about the importance of saving money? There really is not a right age to start doing teaching children about saving money. From the time they start getting little bits of change you can get them a piggy bank and explain to them that if they save it they will have a lot more money in the end. Now I know trying to tell that to very young children may not be the easiest thing to accomplish, but if you tell them every time they get change to put it in their piggy bank and as they get older explain to them why they will eventually catch on to the ideas of saving money.

Talking With Children About Monetary Responsibility

You and your spouse can sit down with the child when they get to an age where they understand and tell them things about why it is so important to save money and offer different ways to help them with it. Let them be aware that you and your spouse are not always going to be able to help them with money matters so if they save up they will have it in the future when they really need it. Talking to them about how hard it is to earn money and that it may not always be easy to get it, so if they save up they will have it when the time comes that they should have to use it for something important. Again some children may not understand this or others just do not care at that point in time and still just want to spend away, that is when you have to let them learn the hard way and let them do it, when they come to you and ask for more money because there is something that they either want or need then this is when you can tell them and this is why we had this talk about saving money, so i am not going to give any to you. Here are some different ideas that may help you in teaching the child to save money.

Tips To Help Children Save Money

• You can try telling them if they do not spend what they have every week that you will match what they put into their bank. If they have 5 bucks Give them another 5 bucks, this may really encourage them to start saving, but as they get older lessen the amount to maybe 25 percent match up.
• Tell them that you will open a bank account just for them so they can be a big kid like you and this way it can not get spent or lost.
• Give them an allowance for things they do around the home or other chores and have them put it directly into their piggy bank or bank account.
• Try small rewards for each time you count the bank and there is more money in it. Like small toy, sticker chart, ice cream, candy or something small they like
• Make a list of things that they want. Ask the child different things that they want and write a list, leave it in the piggy bank and each time they think of another thing have them put it on the list.
• Have a piggy bank with your child. Tell them see I am saving too. Show them that you are not just telling them to do something and you do not do it as well, they may think it is a fun idea. In the end give them all the money that you have saved as well as a reward for a good job they have done.
• Help them spend a little of the money. If they save so much and then they get to where they do not want to spend anything at all show them take a buck or 2 out and get a small prize with them.
• Every time you see the child placing money into their bank you have to praise them and tell them how great a job they are doing and how much of a big kid they are.
This is an image of a little girl counting all of her change up.