Simple tips for Helping Your Children Save their Money

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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

  • Make sure they have a place to keep their money. For older children, this may mean that you need to help them set up a bank account, but for younger children, a piggy bank is a perfect way to start saving. It’s better if it’s a fun piggy bank so kids want to add to it. Even better if it has a personal connection for them. Oh, and guess what? We have a really fun paint-your-own-bank kits right here at Sassafrass! The Paint Your Own Bank Set is fun and once your kids have it decorate and displayed proudly in their room, they are going to want to fill it up!

  • Do as you say! It’s painfully easy to do one thing and say another. Saving money is a perfect example of this. When you set a good example for your children to follow in money matters, they are far more likely to learn the right way to manage their finances when they are older. Honestly, this is just a good reason for you to be good with your money. If financial stability and security aren’t enough to encourage you to be money smart, at least do it for your children.
  • Wants vs. Needs. Many people who struggle to save money also struggle to understand the difference in wants vs. needs. This is truly a huge, huge problem in today’s consumer-driven society. We all need to realize that while we do need food to eat, we don’t “need” to go out to a restaurant to fuel our bodies. We do need shoes for our feet, but we do not “need” a $150 pair of designer label shoes.
  • Talk about it. 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. 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 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.
  • Give them an allowance. 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.
  • Turn off the TV. Yes, I know it seems like this would have nothing to do with teaching your children to save money, but it does. When children are constantly bombarded with advertisements for the newest toys and the hottest electronics, it is hard for them to not think that they “need” those items (remember that talk from earlier). Yes, we still need to teach them the difference between wants and needs, but why tempt them?
  • Teach them to be charitable. 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 advice when it comes to teaching your children how to save their money?