If there is something we want to pass onto our kids, it would be to teach our kids about saving money. Saving money is an essential part of life, yet so many people do not even know the basics of it. Saving money is actually something most adults struggle with. Check out these tips for teaching kids about saving money.
Work for Their Own Money
When it comes down to it, kids should be able to work for their own money. When you hand them over money, you are not really teaching them anything valuable. It would be wise to help your children work hard for their own money, in which they can learn to save.
Open Up a Bank Account
Bank accounts are always super fun for kids. Although they are fun, they can also be serious. Help your child learn to save money by teaching them how to put money into their bank account after they make it. Sometimes it is better when you don’t have your hands on your money, it spends slower. Plus, when you have a bank account, your money is a lot safer.
Teach Your Child the Value of a Dollar
Sadly, some kids will never know what it takes to make a dollar because it’s handed over to them so easily. Sitting down to explain that it takes time for you, the parents, to make the money, is very wise. The next time your child requests a toy or something expensive, sit down to have a chat and explain to them the value of a dollar and what it means. Show them how many hours it would take of you working to make that money, to pay for their “want.”
Use a Jar
One thing we love to do around here when teaching how kids to save money is using a jar. You may be thinking, why in the world would you want to use a jar? Well, with a jar, you can actually see through it and you it allows you to see progress. A piggy bank can be kind of frustrating because it’s a guess every time you put money in it. However, a jar you can actually see through! And when you can see how much you’re saving up, it can make saving money a lot more fun.
Get Excited About Saving Money
When your kids see how excited you are about saving money, they will get excited too. Don’t try and scare them into saving money, but instead get excited. Children want to do things when they are excited about it and know they will see an end result. Share a story about something you saved up for. Maybe it was your first car or your first Lego set, share with your kids how you saved up for it, and how it meant so much more.
When it comes down to teaching your kids about saving money, you need to get serious, yet excited about it. What are some tips you have for teaching your kids about money?