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Children need to learn at a young age what money is and what things cost. They need to see that a dollar will buy them a candy bar but not that big toy. And, they need to learn how to save money as well as what happens when you do save. These are fundamentals that all parents need to provide to their child. By learning these things now, they will benefit from this education for the rest of their lives.
Teaching Children To Save
How can you teach a child to save money? The first thing you should do is establish funds that are given to them. Young children, as young as four or five years old, can earn an allowance. This amount of money should be given to them for putting their toys away, for helping around the house and for taking care of their pet. Giving a child responsibility in order to earn money to spend is the first key to showing the value of money to the child.
Once they are earning money they will want to spend it. Allowing them to simply spend their money will show them how much it is worth. Then, introduce the foundation of saving. A simple statement of, Well, you can buy a candy bar now with your money or you can save it until next time and then youll be able to get a book can show them the value of saving.
Fun Ways To Teach Saving
Make it a game. A great way for kids to see the benefits of saving money is to teach them in the form of a game. Develop a game in which children earn money (that is not real.) They will have their job to do each day and will earn a paycheck at the end of the week. But, they have bills to pay too, just like mom and dad. Once they have money left over, they will need to decide what to do with it. Saving, giving to charity and spending it should be equally allowed for, here. This is a great way to show older children a real world experience before they get there.
Teaching children to save money is something that all parents must do to allow them to grow into healthy adults that know the value of the money that they have. Studies have shown that children that have money to call their own as a child are better spenders and savers later on in life. With the statistics of debt so terribly high, it is essential to take action now to protect your child.
Mvelopes Personal is an online budgeting system that makes it easy to create an effective personal budget and track every aspect of your spending as it happens. It will help you always know exactly how much you have left to spend, instantly know the impact of every spending decision, effectively manage credit card spending, and quickly create an easy to use household budgeting plan. Click here to learn more
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Did You Know... |
49% of adults, and 66% of US high school students got F's on a national test on their knowledge of basic economic principles.
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Food for Thought... |
"I'd rather go to bed without supper than rise in debt."
-Ben Franklin.
