Teach your children a saving plan

United States
January 4, 2012 4:40am CST
From my observation, most of the children nowadays doesn't have a saving plan. They might go for the fun instantly, and keep on spending money without keep track of it. They might have the ambition to find a job and go to work at their early age, like during summer time, but they may not develop a saving plan on their own, plan for the future. For instance, my girl cousin may spent most of her money she earned monthly, but rarely see her saving it. I would suggest parents should teach their children to virtue of saving at least spare some money per month. Better yet, IRA would accept any person, even children with earning status. With that, at least you know that you have some raining day cash for the future.
2 people like this
8 responses
@asyria51 (2870)
• United States
5 Jan 12
Just because you sit down and present the information to someone does not mean that they will get it or apply it. I think that financial literacy is important and should be taught in school for at least a quarter if not a full semester. My husband is smart, but financially stupid. My brother and I were both taught about saving for a rainy day. Save for a specific goal, not to go overboard with credit cards etc. I took it to heart. I do my best to live within my means. I have a house which I am paying extra on every month because i know that an extra 50 or 60 dollars now when I have it can save me money in interest down the line. My brother still lives at home at age 27, can't save money to save his life, will buy a 20 oz bottle of pop every day not realizing that buying the two liter is less expensive and will last two days. That being said, my daughter is 3. she has a savings account at the bank here in town. We collect pennies and coins and she brings the money in a few times a year to be counted and deposited into her account. She gets a sticker for putting any money in, and a prize from a prize box if she deposits more than $25 at one time. I hope that my money sense is absorbed into her as opposed to my husbands lack of money sense.
@yanzalong (10175)
• Indonesia
4 Jan 12
Yes, I also observed that most children never thought how important it was to have a saving plan. All their pocket money was all spent. This is probably because thye haven't thought of what the future will be like. They are busy with their present activities.I'm sure, however, sooner or later the time will come.
@srjac0902 (1170)
• Italy
4 Jan 12
I think the adult generation was taught to save money to spend it either after the exams or during the village festival or local festivals. But today do they save money or do they continuously ask money and spend it emmediately. Today even the children having 30 35 years are unmarried and say I am a girl or I am a boy. Most of them are at least partially or mostly fully dependent on parents' salary or pension because they are still unemployed. Correct me if I am mistaken
@sender621 (14956)
• United States
4 Jan 12
You can never start too early in teaching your children to save money. It will help to define their future and show them the true value and meaaning of money and how to manage it. true it is fun to have some money to spend on the things we want, but saving for the future is very important too.
@Queen_11 (308)
• Philippines
4 Jan 12
Until they've encountered a situation wherein they really have nothing and in desperate need of money, some or most of the teenagers and adults as well will never bother saving. The mindset must be changed and one of the top priorities must be to first save then spend later. I know the value of a hard earned money that is why I seldom spend on things that are way too expensive for me like the latest phones, computers, gadgets or clothing. If I buy something expensive, I'll make sure to lessen my spending on other things. Also, I use a credit card so that I don't have to immediately release any money.
• India
4 Jan 12
As a child I used to receive Rs. 10 everyday... I used to save all this money so that I could buy something good for me in the future as my parents could not afford it as we were not financially stable. Now things have changed...but the fact is that as a child i used to save a lot of money. So it is not that children dont save...
@lilaclady (28240)
• Australia
4 Jan 12
I think today parents are just too busy to teach their children a lot of things, I learnt so much from my parents, commonsense, right and wrong, respect and how to save money and that emergency money is so important and all my learnings have been a benefit to me.
• India
4 Jan 12
Hi ! today each and every children need saving plan because now a days cost of living are very high and money for education is very important, for basic itself we need thousands and after 18 years the cost will be 20 times greater than now, so pls thing about children's plan, and teach your children too.