How Kids Can Enjoy Watching Their Money Grow

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I like to look at the beginning of the school year as a time for a refresher course for many things! A refresher for learning in an organized environment, a refresher for being back on a rigid schedule and so much more. That is one of the reasons I am all about throwing out some other refreshers too.

Like refreshing my children (and myself if i’m being honest), on the best simple tips for saving money. Teaching your children to save money should be an all-the-time kind of thing, but hey..we all slack sometimes, right?

Simple tips for Helping Your Children Save their Money

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One great way to teach kids to save money is by giving them a fun symbol of their financial accomplishments...

Any one of our Paint-Your-Own Coin Banks is a great start-- kids can paint the ceramic bank of their choice, whether it's the MermaidPrincess, Robot or Rocket. They can use the included 8-paint-set or add their own paints, pencils and markers and let their imaginations go wild!

When the crafty part is done, they can start adding coins to their bank, each deposit reminding them of the fun they had using their creativity.

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Now here are five steps to teach kids about growing their money:

  • Talk Frankly About Money. I’m a big believer that money shouldn’t be a hushed conversation in families. Seriously. Why teach your children not to talk about it? Shouldn’t we be open and honest about the importance of making sound financial decisions as well as the fact that making money or even struggling with money is nothing to be ashamed of. Most of us could use a little bit of guidance in this department.
  • Go shopping With Their Money. When you child gets a little bit of money, set aside some to save and then take them shopping! Yeah, yeah, seems counterproductive to take them out to buy stuff when you are trying to help them learn how to save, however, when you take a kid shopping and tell them that they have to spend their own money, they will start paying a lot of attention to how much money it takes to purchase the items that they want. Once I started having my daughter shop with her own money she started putting a lot more focus into shopping smart.
  • Play Money-Themed Games. Sounds weird, doesn’t it? Seriously though, playing games such as Monopoly and Life really do teach your children some basics about the importance of money. Plus, it provides you with fun family time.
  • Let Your Kids Earn Money. Okay, so there are many people who don’t believe in giving kids an allowance for chores, but giving your children an allowance gives them the opportunity to manage their own money.
  • Teach Them to be Charitable with Their Money. I can hear the questions now. How exactly is teaching kids to give their money away, teaching them to save? Well, that is a great question, but it’s easily explainable. When you teach your children how great it feels to be charitable and to give to those less fortunate than they are, they are more likely to save more of their money. Once you know how good it feels to help others, they will want to do that instead of buying the next toy or game.

Have you ever heard any good advice on teaching your children how to save their money? Let us know!