Teach Kids to Save Money

Filed in archive Finances on March 26, 2006

As adults, we all know how important it is to budget our money. So, apart from instilling the value of education to our kids, we should also teach them basic spending and saving habits to ensure that their path to a safe and secure financial future.

"Teaching children from a very young age to be responsible with money is one of the greatest gifts we can give them. Not only will they truly understand and appreciate what real financial management is, they can take pride in knowing they have accomplished so much and have taken ownership of their security."

How exactly do we teach our kids?

A good start for young kids would be a piggy bank. By putting money in their piggy banks, they can learn to save for what they want.

When your child receives money for Christmas or birthday, you can also open a Kid Saver Account to help your him/her understand the value of saving. As he/she grows older, you can explain the detailed concept of saving and budgeting.

For middle and high school students, check out the Mint to help them learn about earning, saving and spending. A great site where you can learn the facts about money.

[source: iparenting]

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Response from: Rita Vandavere (10/31/06 6:39am)

Glad to read this post. Kids need knowledge and experience in money matters. No parent wants to send a child off to the real world without a good idea of how to handle their money. Teaching a child about money matters and how to be responsible with money is a recipe for thier financial future. Several places on the web like www.childnparent.com have a better way to teach kids about money matters.