Thursday, December 10, 2015

Teaching Kids to Save Money

Do you often daydream about making your kid a self reliant and financially wise individual? Or have you always thought it would be good if your child were street smart but aren’t really sure of the means and ways of making it happen? Well, if your answer to either of the above asked questions is yes, then you’ve certainly landed at the right place. Of course, parents wish the best for their kids and want them to grow into wise adults but do not always undertake the necessary steps. And the most helpful exercise that you ought to implement today in order to make your child a successful and financially sound grown-up is to teach him or her the art of saving. 

Saving money is an essential part of adulthood, but it's also quite dificult to develop as it takes a lot of time to become a habit. That's why it's best if you try and teach this very basic custom to your kids from an early age. No matter how old your child is, all you need to do is take a few steps to make him or her aware of the importance of money and, more importantly, the benefits of saving it. Show your children the rules of frugal shopping, which might involve coupons. There are mulitple ways you can save with those, as you can easily find them on the Internet at websites such as or other useful services and shop at your favorite stores such as Kohl's. For instance, you can make learning into a game and teach your kid the rules of bartering by exchanging coupons for his favorite video game or extra playing time. Make sure they don’t become the victims of exorbitant pricing policies and schemes.
Besides of that, there are a number of ways that one can use to teach their kids the art of saving money, a few of which are enlisted below:
  • Discuss money and let your kids participate in this discussion
Discussions about money and finances are a common feature of every household. In order to make your children more aware of money and its relevance, it's good that you involve them in this important talk. There is an ample chance that your kid might not get half of the things you tend to discuss about saving and investing but this exercise would make him or her aware about how imperative the presence of adequate finances is. Let them annoy you with their innocent questions and see how quickly they grasp all the information you bestow upon them!
  • A playful way to earn and save
Giving pocket money doesn’t always teach your kids the value of it or the benefits of savings, because it has got nothing to do with his or her efforts to earn that currency. The best way of teaching your kids for real is by giving them the chance of earning the same. You can, for instance, assign them small house chores such as dusting the furniture or washing the dishes and reward them with cash. Once they realize the amount of hard work that goes into earning money, they’ll surely learn to spend it wisely.

Once your children are introduced to the sweet results that savings yield, it should be extremely easy for you to teach them all about frugal living and make that a habit for good!


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