1. Give an Example
If you want your children to learn to save money, you have to start by giving a personal example. You cannot spend every dime you have and expect your children to behave differently. After all, they learn from you.
So, start saving a little even if you don’t need to, and make sure that your children see that. If they ask you why you are saving, explain it to them; tell them what you are saving for and how important it is to save. Check out the article about the benefits of saving money, in it you can find a few pointers that you can share with your children.
Once you set up a good example and start saving yourself, you can expect your children to think about saving money too.
2. Start a Family Fund
The whole point is to give your children a reason to save. It might not be easy for them to start saving on their own; to make it easier, you can all save money together and for a mutual cause. Give your children a reason to help you save money.
Show them brochures of some nice places you could visit together if you manage to save some money. Make sure that there is something interesting for your kids there, they probably wouldn’t be interested in saving money for a hotel with a spa, but they would be excited about going to a Water Park.
You might be surprised when your children start donating a part of their allowance into the fund for a great summer vacation.
3. Don’t Buy Everything Your Children Want
Your children may ask for a lot of things. All parents want to be able to afford all the things their children want, but at the same time it is important not to spoil them and to teach them the value of a dollar.
No matter how much money you have, it is important to teach your children that it did not fall from a tree and that they should respect it.
Sometimes you just have to be strong and tell them “no” when they ask you to buy them something. Make a deal instead. Offer to give half of the money if and when your child manages to save the other half. This is a very good idea whenever your child wants you to buy something expensive for them.
We all know that kids get easily bored with their stuff and you sometimes can’t afford that. Making your child save a part of the money for something they want, gives you a real insight in how much your child really wants that thing. If they give up easily, you’ll know that they weren’t’ really serious about the purchase anyway.
Teaching your kids to save is a very important and valuable life lesson and you should really put time and effort into doing this. Now that you have general tips, it’s up to you to use and improve them and help your child become a responsible adult.
Add Comment