It can be a daunting task to teach your child about saving money. Here are 6 easy tips to get you started:
1. Make it fun for them to learn about money.
Games like Monopoly, help teach kids about money and spending, while making it fun. Try making up your own games to create even more fun with your kids.
2. Let your own actions show your kids how to save money.
Make sure they know that you’re saving money as well, whether it is in your own change jar or a savings account.
3. Allow your children to earn their own money to spend and/or save.
Especially for older children, let them work a summer job (babysitting or yard-work) or even chores around your home.
4. Set goals.
Knowing what they’re saving for will motivate your children to want to save their money. Whether it’s a new toy or book, a goal helps kids to have something in mind when putting their money away.
5. Teach them the difference between needs, wants and wishes.
This will help them later on down the road and hopefully teach them how to spend (and save) wisely.
6. Take your kids with you on grocery shopping trips.
Let them see the costs of what you purchase and explain the different ways you save money (couponing, unit price, etc.).
