ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Kids Saving Money-You Need To Start Sooner Or Later

Updated on January 14, 2011

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.

So why not head over to a site that offers thousands and thousands dollars worth of savings.  This site is absolutely free and the savings just add up and add up.

Just head over to Kids Saving Money and take a look.

Also take a look at my blog by visiting Save Your Money

Comments

    0 of 8192 characters used
    Post Comment

    • Dale Mazurek profile imageAUTHOR

      Dale Mazurek 

      7 years ago from Canada

      Thanks Jeanie, Ranger and Hello If we teach them now we stand a good chance of our children being not only productive members of society but we stand a great chance that our kids we be the next leaders.

      That alone is an exciting thought

      Thanks to you guys for stopping by and leaving great comments.

      Dale

    • Hello, hello, profile image

      Hello, hello, 

      7 years ago from London, UK

      Great hub including very interesting and useful ideas.

    • profile image

      RangerDave96 

      7 years ago

      Great job. Never think a child can not understand money matters. We give our children a "commission" based on their chores. The more chores they do during the pay period the more they get if they want their full $20 commision for the month, they do everything ever day. Then we separate the "commission" into three groups: savings, giving, and self. This prepares them for the future when half of their paycheck disappears before they recieve it.

    • jeanie.stecher profile image

      jeanie.stecher 

      7 years ago from Seattle

      This is a good topic you have here Dale. In fact, if a kid learns to save money, he will bring that to his adulthood and this could be a good sign of success. Kids should learn how to be thrift for their future will need this.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com 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: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    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 googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    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)
    Marketing
    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.
    Statistics
    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)