As a parent, you work hard to prepare you kids for life. You might have enrolled them in preschool so that they’d be ready for Kindergarten. You help them practice the sport they want to play and give them lessons on their favourite instrument. Although there’s nothing wrong with doing these things, are you giving your kids the skills they need to be successful with their money? These tips will help you teach your kids about saving money so that they have the financial skills needed to be successful.
Set an Example
If you want your kids to learn about saving money, then start by setting an example. Be a wise steward of your money, paying all of your bills on time and putting money aside for emergencies and savings. This will show your children what it looks like to be responsible with your money and will give them an example to strive towards.
Buy a Piggy Bank
In order to teach your kids about saving money, you need to give them a way to put money aside. If you’re just starting out, the best way to do this is to invest in a piggy bank. Your children will love adding their money to their piggy bank and they’ll be rewarded as their bank gets heavier over time.
Set Savings Goals
Once your kids have their piggy banks, you can teach them about saving money by setting some goals. Ask your kids something they wish they had. It could be anything, such as a new toy or game. Once your kids know what they’d like to have, go online with them and show them the price of their item. You can then use that amount as a savings goal, giving your kids something to work towards and be excited about.
Use a Savings Chart
Although your children will love feeling their piggy banks getting heavier as they continue to work towards their savings goal, the piggy bank’s weight doesn’t account for dollar bills added to it. If your kids are adding dollars to their banks, you can help them visualize the money they’re setting aside with a savings chart. Each time your child adds money to their bank, they can colour in part of the savings chart. Before they know it, they’ll be close to meeting all of their savings goals.
Teaching your kids about saving money is one of the most important things you can do for them. This financial skill will follow your kids throughout their lives, allowing them to successful manage their finances. What are some tips you use to teach your kids about saving money?
Elizabeth Lampman is a coffee-fuelled Mom of 2 girls and lives in Hamilton, Ontario. She enjoys travelling, developing easy recipes, crafting, taking on diy projects, travelling and saving money!