Kids Saving Money-You Need To Start Sooner Or Later
Kids Saving Money-Borrow Some
The best way to get kids saving money is to borrow money from them. Once you take their money from them they immediately start to realize it was worth something.
Quite often when you take something from a kid they will get a pout on, throw a tantrum and act crazy until they get it back.
This is a good way to get started when it comes to kids but its going to be even more important for us to get our kids to understand that saving involves more then just a few dollars and cents. We need to teach them that dollar, cents and everything else in many ways is whats going to steer their destiny.
The thing when it comes to kids saving money is we want to teach them the finer ways in as simple a manner as possible. The easier we can make it now the easier it will be as a life long thing.
Kids Saving Money- A Bit About Banking
You want to get your ids to start some sort of a small business. What many people suggest in this case is selling lemonade.
So the first thing they are going to need to do is start a savings account to help with their newly formed business. Teach them to keep receipts for supplies they may need to buy for the business. Also make sure they know about keeping the receipts in the right place like some sort of filing system.
It doesnt really get more simple then this but believe it or not it is plenty for your child to be running their business.
If you want to step it up a notch you could also start teaching them a little about interest. At the end of the day that is totally up to you.
Bottom line its about kids saving money.
Kids Saving Money-Some About Income
Very simply put from your childs business you need to show them that people get paid from the business.
They need to understand a little about commissions, salaries, profits, and being a consultant.
Its a big thing to teach them about consulting.
Once you look around and see your child not only charging for a product but also charging for their knowledge then you really know they are on the right track and there is a good chance things will be just fine.
When it comes to kids saving money dont ever think its too soon.
Kids Saving Money-What Is An Expenditure?
This is the point we have a little chat and teaching session about how we control expenses and stick to a pre set budget.
They need to know there days expenses has to come out of the days budget. If you give away something or buy something that goes over budget you may not be able to run the business for a lack of operating expenses.
Of course they can possibly borrow a few bucks from you to keep the business running but then you have to make sure they pay yo back and you have to make sure its paid back with interest.
Remember they will also need to put a little money away for any overhead. For example if they are running a lemonade stand then they have glasses, pitchers and possibly a table and chair that needs to be paid for.
I would suggest that a few cents per day be put away for things like this.
So now we are well on our way to helping when it comes to kids saving money.
Kids Saving Money-About Insurance
Taking a few cents every day for insurance is also something you will want to teach them.
At first they are actually going to be angry because they will think you are taking money from them for no reason.
However after a couple weeks of running their business and they wake up not feeling good they will be very happy to know the money they have been putting into insurance will help pay their wages while they get better.
At this point they will stop pouting and they will understand why there was a need to pay for insurance.
This is just another step in helping when it comes to kids saving money.
Kids Saving Money-An Investment
So its time they learn a little about putting some money away for investments.
For example instead of the kid renting a table from you they could eventually with the investment money buy the table and then they own it.
Also with investment money they could eventually buy more equipment like say a slush machine or something to make sno cones.
They will eventually understand it is in their best interest to have their own equipment as opposed to pay to use someone elses.
Just keep teaching and we will be well on our way when it comes to kids saving money.
Kids Saving Money-Help By Starting Here
Of course we want our kids saving money so whats a better way then showing them that you are doing what it takes to save money as well.
If you set a good example then it will be easier to justify when you start teaching the kids.
Its all about what we know and what we teach.
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Just head over to Kids Saving Money and take a look.
Also take a look at my blog by visiting Save Your Money