Regardless of the economic situation, getting your child started on the path to saving is one of the greatest gifts you can give them. Saving money is a process, and if taught and encouraged at a young age, can be fun and lead to a life of financial security, even in today’s environment. It’s easier than you think to get started; here are some tips:
-Begin having conversations about saving as soon as children learn to count. Once children start asking you to buy things, they are ready to learn about being responsible for money.
-Give your child a bank and get them started. Begin to share your own point-of-view and values about managing money with your children.
-Enable children to begin to understand basic money management concepts by giving them allowances. Kids who receive regular allowances are able to start making choices about what they can save, spend and share.
-Give money gifts or allowances in small bills or coins, so that a portion of it can be saved.
When the bank is full, open a savings account for your child.
– Many banks have saving clubs that offer special incentives and “freebies” for children who open a savings account.
Your children will receive a great sense of accomplishment and satisfaction by reaching their saving goals. An additional benefit will be the education about “life choices” your children will receive as they make decisions about what to save, spend or share.
Visit Make More Cents where our mission is to promote and encourage money-savvy kids and money-wise adults. We offer a variety of traditional and unique banks, money management tools and saving tips to make saving fun for the whole family.