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I have 3 sons and this to me is one of those areas where you just say, "I know what's best for you." We have made our children put aside a portion of just about any money they receive. Sure, we've sometimes gotten that look but now that my oldest is nearly 16, he's thanking me. They will never understand how a few bucks here and there adds up until you show them.
My son actually has a mini-toy ATM in his room with a debit card. He saves his allowance and any other money given to him and when he wants something he makes a withdrawal and makes sure he keeps track of it.
This teaches him the value of money by using it in real life! He loves it and completely understands why Mom and DAd are always saying the "B" word---BUDGET!
Start small with quick rewards. Let them earn a bit of money for a week and start saving it in a jar/piggy bank/bank-account. Take them to the store and let them buy something. The next time, let them save for two weeks. Explain the difference in their options than the previous time. Work it up until they're saving for months at a time, and allow them to come to the realization that the longer you save, the more you save, the more useful it is in the long run!
by Shil19786 years ago
How to teach kids to save money?
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by Penelope Hart5 years ago
Do you save money? I mean do you put money into a savings account regularly?Do you make enough money to save money? How do you save it? Do you save even though you can't afford to save? Are...
by Cindy Vine12 months ago
What are some good tips on how to save money?
by Elsie Hagley19 months ago
Hi Hubbers,I'd like some help with passing the Quality Assessment Process. Will you please give feedback on my Hub Teaching Children how to save Money. What can I do to improve? Thanks!
by ngureco7 years ago
Should Young Children Be Taught How To Handle Money?
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