How to Teach Kids to Save Money

How to Teach Kids to Save Money
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How to Teach Kids to Save Money
Educating your kids about money is very important. Starting at an early age will make them have a good understanding of the importance of correct financial management. Here are some ways to teach kids to save money.

Give them a piggy bank. Encourage them to save money by giving them a nice piggy bank and telling them to put money in their coin bank everyday. Preschool and elementary years are the best times to do this.
Double their savings. Make your kids earn money by doubling up the amount the put inside the piggy bank. This is very easy to do on younger kids. For your teenagers, you may want to give them an additional 25 or 50% of the total amount they’re able to save for a certain time frame.
savings

Ask your children to make a list of the things they want to buy. Saving with a goal in mind will encourage your kids very well. Post the list or a picture of one of the things in their wish list on an area where they’d always see it. This way, they’ll never forget what they’re saving up for.
Reward your kids. When your youngsters are able to save a good amount of money, give them special treats like stickers, ice creams and toys. Take them out to their favorite store and let them spend a small portion of their savings to buy what they want. This way, they’ll also learn how to work on a budget.
Be an example. Let your kids know that you’re also doing what they’re doing. You can get your own piggy bank and let your children see you putting money in it. You can also take them with you when you go to the bank to deposit money. The important thing is to be a good example to them.
Open a savings account for your kids. You may get your older kids a savings account and let them deposit their money. Carefully explain to them how they can earn more when they put their money in the bank. (Learn how to choose a good one for a savings account)
Teach your children to save money now and watch them grow as responsible members of the society. For more information regarding this article, read how to save money.
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