How to Teach Your Kids to Save
Teaching kids to save is not as simple as it sounds. If you explain the theory on savings, they will get bored. If you are too forceful with it, they will hate it. It is natural for children to spend the money as soon as they get it. A mixture of gradual education and rewards will encourage them to save. Below are 10 things that parents and guardians alike can do encourage kids to save.
Dollar matching: Dollar matching will encourage the kids the save, especially the keen, greedy ones. Match their savings efforts with your contribution to encourage them to save. It is important to work out how much you would like to contribute, either 10% or 100%, and keep your promise so that kids will take it seriously.
Open a bank account: Get kids bank accounts and encourage them to save a portion of their allowances, wages or cash gifts into their accounts. Parents and kids can then track their savings and see the money grow.
Get kids to set goals: Help kids to save by setting goals with them. It may be the latest Lego city set they want. Get them to save money until they get the amount that is enough to buy it. Monitor the progress to reach that goal together.
Give rewards other than money: Reward them for their efforts in other forms rather than money. This will give kids an idea that not everything is valued in money. It may be a sleep over or a trip to zoo. Make sure to let them know that you are serious about their saving efforts.
Create a wish list: Get children to create an ultimate wish list. This will help them set goals and motivated. For older kids like teenagers, get them to make a wish list with priority.
Picture the goal: The the kids motivation to another level by putting up picture or a photo of a top wish list item. This will remind them of the goal they are trying to achieve everyday!
Be an example: Try to promote the saving habits by talking and discussing about savings in front of them. Also try to demonstrate savings in front of them as such putting spare change into piggy banks. Most children are copy cats and they will follow you without being told.
Give them a hand with spending money: For those serious saver kids, they are so serious and concerned with savings and sometimes restrict themselves from spending any money at all. Help them to spend a little bit of their savings or buy them something what they really want.
Praise them: Bragging about your kids saving habits in front of family and friends is a good way to keep them motivated and keep up with their savings. They will like your compliments and feel proud and satisfied for your approval.
Get them involved: Take you kids to your next shopping trip to your local supermarket. Let them compare the prices and help them pick the best value item. After the shopping, talk about the savings you have made by choosing diligently and also talk about mistakes.
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- Teaching your Children to Have a Wealthy Mindset – extra chapter on how your child can be trained to increase their chance of becoming wealthy later on ($20 value: yours FREE)
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- Yearly Expense Planner – spreadsheet to calculate all expenses and savings throughout the year ($15 value: yours FREE)
- Simple Budget Planner – calculates what you intend to spend and how much you will save ($9 value: yours FREE)
- Printable Allowance Chart – easy to use chart to track your child’s allowance throughout the year ($9 value: yours FREE)
- Financial Planning for Kids – Checklist – a timeline to show you how to plan for your child’s finances ($8 value: yours FREE)
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