Do your children or teens understand money? For awhile mine thought that it grew on trees or was just something that was always there. It's never too early to learn about the value of money or the importance in saving money. I learned early in life because I was a golf caddy for a couple of summers and opened a bank account and learned how to save. Here are some tips to teach your children to save money.
Get them a piggy bank early where they can start storing their change. Kids always have a way of finding change. A piggy bank will help them learn about saving and counting money. On the same token when they are a little older you can start a bank account for them. Take them to the bank with you and let them deposit their own money from Christmas or Birthdays. This is how we got our daughter interested. She would also get her monthly statement sent to her. Kids love getting mail, it's makes it all that more official to them.
Starting them off with an allowance based on doing some chores is a great way to get them to learn the signifance of earning money. There are all sorts of things they can do like helping with the lawn, bringing the groceries in or folding laundry. This concept of earning little money will make them think that money is something they have worked for and should be spent wisely.
Explain the value of saving money for the future. Make them understand its importance and how it will impact their life. It is important that you entertain questions from them about money and you should be able to answer them right away.
Children love having a task with a goal and starting them out early to save money so they can buy something down the road is a great task with a reward they will love.
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