Saving Money: Ideas to Help Kids Save Money

| April 22, 2011 | 1 Comment

Save Money Children

Photo credit {link:http://www.flickr.com/photos/pinksherbet/5008270549/}Pink Sherbet Photography{/link}"

If you’re a parent, you will surely know that teaching kids about money management must start early and an important part of managing money is learning to save it. Saving money does require patience but if taught right, kids will learn to value and respect the act of saving and actually, enjoy it. Here are some great ideas to teach kids to save money, easily.

Set Goals for Saving and Spending

Whether you have a toddler or a teenager, encourage them to put aside a part of their allowance for something special. Having a goal to strive for will motivate a child to save money and watch it build up gradually. For younger kids with smaller allowances, specify the amount to be saved each week or month and keep it small to make it easy for them.

Read to Kids About Saving Money

Books are a great way to introduce the concept of savings to kids. You can find some great money management books for toddlers, tweens and teens to take your pick from. The Kids’ Guide to Money by Steven Otfinoski is a must-read for tweens while preschoolers will enjoy the ever-popular Berenstain Bears’ Trouble with Money.

Start a Savings Account

While saving money in a piggybank or shoebox is cute, it wouldn’t really teach a child about the ins and outs of savings. So, take the kids and head to the bank. Open a savings account and teach them about interest, withdrawals and deposits.

Encourage Kids to Earn Extra to Save More

The constant cry of kids not having enough allowance to save some can be put to rest by encouraging your children to earn some extra money by babysitting, running errands, selling handmade cards or cookies and other such simple jobs. Depending upon their age and ability, help them come up with ideas to earn extra so that they can save some more to meet that special goal.

Make Saving Money a Fun and Family Activity

Let children see you, the parent, lead by example. Save money yourself. Talk to kids about the family’s financial goals. Also, make saving money fun and interesting. Several websites, such as New Money.gov and others offers printables, games and more to make saving money for kids an enjoyable activity.

Saving money is an important life skill and the sooner children learn this, the better it will be for the entire family. Books, activities, goal setting and family discussions will all help a child, toddlers included, to understand the importance of putting money aside for a rainy day.

Do you encourage your kids to save part of their allowances? What are your money-saving tips and tricks for children?

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Category: Parenting

About the Author ()

Prerna Malik is a freelance writer and work-at-home mom who believes in green living, frugal fun and positive parenting. You can find out more about her at The Mom Writes.

Comments (1)

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  1. Cindy says:

    .Kids can make homemade Christmas gifts for brothers,sisters and parents instead of spending a lot on presents from shops*

    *Note- everyone will love your gifts because it not about the gift its about the thought that counts through the process of you making it.
    Cindy recently posted..The Story Of Stuff

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