How to teach kids to save money?

Jump to Last Post 1-6 of 6 discussions (6 posts)
  1. Shil1978 profile image92
    Shil1978posted 8 years ago

    How to teach kids to save money?

  2. ramkkasturi profile image61
    ramkkasturiposted 8 years ago

    Actually today's kids are quite careful with what they call their money. It is only when you spend they are liberal. Give them an allowance. Tell them that is it, no more, if they spend it all. Ask them to give you an account of how they spent the money given before you give more.. Correct them if they spent it on anything you think was a waste. That will make them responsible and also makes them feel that it their money I think. With my kids it works

  3. Lalulinho profile image85
    Lalulinhoposted 8 years ago

    One method that my significant other's family used when she was growing up was matching any funds that she saved.  That is, you give your child an allowance (let us say $2 a week), and give her a choice:  tell her she can spend the money however she wants.  She can go out that week and spent $2 on candy or whatever and enjoy it.  However, you promise your child that if she decides to save the money, you will put the money in a savings account and match her $2 with an additional $2 (or whatever you think is appropriate), and therefore deposit $4 into an account in her name.  I like full matching because she can more easily see how fast her money grows if she saves it.  She can more easily appreciate the benefits of delayed gratification that will actually increase her future income.  She will more easily understand that by spending her allowance immediately she gets $104 dollars, but by saving it at year end (excluding interest, which is negligible these days), she will have $208. 

    Now, this savings-matching program is exactly what many employers do with 401k savings programs to encourage grown adults to save (even though everyone should save for retirement anyway). 

    I should also say this is not foolproof:  my significant other saved all of her allowance, but her sister spent all of her allowance every week despite the great incentive!  But again this isn't different from real life:  many employees decide not to save as much as their employers will match dollar for dollar under their 401k programs even though their employers offer them FREE MONEY to do so!!!  Sorry to shout, but it is insane to me that people will turn down FREE MONEY.

  4. Shil1978 profile image92
    Shil1978posted 8 years ago

    That's a great way to teach, Lalulinho. And yes, some folks do turn down free money; of course, they don't see it that way - the long-term picture or work through the logic of it all. Thanks for answering this question!

  5. k2seo profile image59
    k2seoposted 8 years ago

    Just teach them the value of money (how hard its to earn money), they will automatically learn to save money.

  6. profile image0
    Starmom41posted 6 years ago

    start small. let them experience saving for something that does not cost much.  they'll see the rewards of saving.


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)