We all want to raise children that make better choices in life. One thing we need our kids to do is save money. You don’t want to raise a child that is living paycheck to paycheck because he maxed out his credit cards and everything goes to bills and debt. That’s why you want to teach kids to save money. Let’s take a look at some tricks you can use to make that happen.
How to Teach Kids to Save Money
Get a Cool Piggy Bank
First things first. You want to make saving money fun. Invest in a cool piggy bank that will encourage your child to save money. For example, you can get a bank that is a tall cylinder and has marks that your child can use as goals. You can also get a piggy bank that counts money as you put it in. Being able to see how much is in the bank can encourage your child to keep saving.
Show Your Child What More Money Would Get Them
Your child may want to rush to Walmart as soon as he has enough money to buy a $10 Lego set. Take him to the store, but show him all the really cool sets he could get if he saved more money. Explain that instant gratification isn’t always the best. The small set may have 100 pieces, but a bigger set would have five times as many. It’s good to show your child that good things come to those who save.
Open a Savings Account
Another great tip is to make your child feel like an adult. Kids love to feel grown up. One way to do that is open a savings account for them. This can be an exciting event for a younger child. You want to make sure to get a savings book so your child can watch each bit of money add up.
Encourage Saving Money
You want to praise your child each time you see them putting his allowance in his piggy bank. Talk to him about what he’s saving for and how cool it will be once he’s saved enough money. You can also encourage your child by helping him set goals if he doesn’t have anything in mind.
Set an Example
Last, but not least, you need to practice what you preach. Show your child that you’re saving for things too. You may think that your finances are none of your child’s business, but telling him one of your goals and how you’re saving money can really encourage him.
Saving money is a valuable lesson that every child should learn. When you teach kids to save money, you’re teaching them a lesson that will last a lifetime. Best of all, and let’s be real, you’ll be raising a child that won’t need to come to you for money. If you want a child that will be ready to move out and start a life of his own, rather than living in your basement, teach him to save money.