Teaching Your Children to Save Up While They're Still Young
By amaine
@amaine (2027)
Philippines
October 31, 2012 6:36am CST
Personally, I don't have kids of my own - but when I do, I'd like to instill to their minds how to save money. We're not talking about a huge fortune here, but I believe that while they are young, they have the right to be taught how to spend money on "necessities" and save some for things that are not necessarily needed.
I know some couples who teach their kids to save as early as 6 years old or as soon as they go to school. I have been raised to understand that whining in front of a department store will not help me get the toy that I really wanted. It's not that I'm not being given these fancy toys, but of course, there's a perfect timing for that. I think that it is one of the best ways to start teaching kids that money is earned - and that parents need to work hard for them to get the toys or the things that they have always wanted.
Right now, I don't know yet how to teach children the proper way of saving, or how to explain these things in a manner that a child would understand. But maybe some Moms and Dads could share their experiences with the MyLot community? What are your thoughts about it?
2 people like this
21 responses
@zeedo666 (150)
• Poland
1 Nov 12
So I think you should give them pocket money every time they do something good or for school attainments and let them save even a lot of money (because some toys are expensive) teaching them that if they save for some time instead of buying candies they will be able to afford to buy the toy of their dream. If you don't give them their own money they won't know how it is to have it. But then dnon't buy toys when they ask you to. Instead if you know that they are saving for an expensive toy (what means that they would have to save for a very long time) you can give them more money for some achievement so they will be able to buy the toy much faster (eg. two weeks instead of several months) - just to keep them saving.
1 person likes this
@taheraa (1545)
• Giza, Egypt
1 Nov 12
Yes, every mother and every father that teach their children the value of money and helping them on their childhood to buy some of the needs of the house.Dealing with cash develop in the child's knowledge of the value of these coins.As for his knowledge of how savings for these coins, the best way is in the beginning to give him the necessary daily allowance, and after a period not long, this expense is enough for one week, and this is how he learned how spared expense of his day for his day after.
@tedifa (1232)
• Indonesia
2 Nov 12
I started to teaching my kids save his money since he was 3 years old.I bought some toys with little hole to save his money when i gave him.I promise him if his money already full,we can go for buy some books or toys that he like.And fortunately my kids understand about this way.I don't wanna teach him to spend his money for some useless toys everyday.Better he save for his future.
1 person likes this
@toxic_lifestyle (1213)
• Philippines
1 Nov 12
My parents used to told me when I was still a kid to save the money that I have. And that I shouldn't spend it to unnecessary things. They taught me to become thrifty somehow and how to manage my money well. :)
1 person likes this
@peavey (16936)
• United States
31 Oct 12
Kids learn from what they see, so if you're consistently saving, they will pick it up. Besides that, you can open a savings account for them, get them coin banks, help them count money and so on at a really early age. You don't have to say as much as you have to act, but let the kids know that you are saving and what you expect from them. It's just like teaching them anything else.
1 person likes this
@amaine (2027)
• Philippines
1 Nov 12
Thanks for participating in this discussion. I guess you're right.. My parents never literally told me to save, until of course I was of age, but based from what they see and what their actions are, I was able to pick up a couple of points that I am still doing right now...
@anne25penn (3305)
• Philippines
1 Nov 12
Teaching small children how to save money is like teaching them how to manage their finances at an early age. My mom started teaching me to save with a piggy bank at age seven. Since then, I have never outgrown having a piggy bank, and I tell you my piggy bank has saved me from time to time when I have no more money.
When I do have children, I will also teach them the importance of setting aside money for a rainy day.
@amaine (2027)
• Philippines
1 Nov 12
Yeah! I wish that these things were not just taught at home but at school too :) I know some parents don't think the same way like others do, but I think it would be very smart if children as early as they could, would learn the value of money.. Don't you think?
@celticeagle (158606)
• Boise, Idaho
1 Nov 12
THis is a very good idea. Instilling saving ethic in children early is so important. My mother was very good at budgeting her money and she taught me well. Teaching kids to work and the whole work ethic is a good thing now days too. So many young people just don't get it.
1 person likes this
@sender621 (14894)
• United States
31 Oct 12
I think that it is very important to teach your children avout saving things wile they are still young., it is whenhey are most imoressionable and grasps onto ideas the most .1 person likes this
@katrinapaz (2436)
• Philippines
1 Nov 12
if i was a kid myself I would have to save all the money I got from my parents instead of buying all the candies i want. but then I have learned I should have done that when I grew up so it was too late. I would also teach my kids if I had one of my own soon about saving
1 person likes this
@doroffee (4222)
• Hungary
31 Oct 12
I agree with you. I think it's really important. Not really telling and telling, but making the kid understand. That's why I think pocket money is important, from a really young age, because then kids would kind of learn how to save on a lower scale, and it would translate to later, too... like a kid can decide whether they are spending all their money on snacks, hamburgers or Justin Bieber keychains, or they are going to save up for a more expensive toy or a bicycle for example... and later they could be told to put away for emergency, for buying a flat etc. My parents didn't give me pocket money, they wanted to supervise what I spent, and when I needed something, they would give me money, but most of the times, they didn't give me money, because they thought that that thing is useless... that's why when I got a larger amount of money at 18, I lived it all up, because it was mesmerising to have that much money, and I was just mall-hopping, because they didn't teach me how to save money.
1 person likes this
@mydanods (6513)
• Nigeria
31 Oct 12
make your children share in your money spending experience like going to shopping and asking them to pay for it. later, take them shopping and ask them to pay with their money. if they can't, ask them why? then you can start piggy banking with them so they can spend when shopping.
that's all i can help.
1 person likes this
@beamer88 (4259)
• Philippines
31 Oct 12
I think it's really necessary for parents to teach their children the value of money. I mean, let's face it, they'll eventually will be using it to pay for things. We first began teaching our son when he was in the first grade by giving him his first allowance. The 'lessons' on how to save were taught gradually. I mean, at first we gave him money and allowed him to spend all of it, which he did. Then eventually we gave him an allowance for two days, and still allowed him to spend it in only a day. Eventually we explained to him that he needs to save some of his money to spend for the next day. Each time he fails to do this, we don't give him any allowance. We pack snacks for him, and he has a meal card for his lunch anyway, but he can no longer buy the food he wants during recess. It sort of worked, and he's starting to appreciate the value of saving money.
1 person likes this
@amaine (2027)
• Philippines
31 Oct 12
Great share! I know parents have different ways on teaching their kids saving up, and it's just nice to know that your son starts to appreciate the value of money while he's still young.. Gradually teaching them how to spend and save money surely works huh?
@FrugalMommy (1438)
• United States
31 Oct 12
It's never too early to start teaching kids to save money. I started showing my daughter how to save money in her piggy bank when she was a year old. I give her a few coins to put in her piggy bank each week, and my parents always give her whatever loose change they have when they visit. When we counted and rolled up all the money she'd saved last year she had over $80! 
1 person likes this
@sriroshan (2585)
• India
31 Oct 12
hi friend,
Nice post and do you know it is the parent who have to teach their children how to save the money and this is possible only when they do the saving. Spending lavishly in front of the children is always bad rather while spending when you talk about it with your partner children also listen to it. Start piggy bank in the home. Buy the Piggy Bank Box from the market or open your child account in the bank and bank will give you the Piggy bank Box. Give them without fail some coins daily and asked them to put the same in the box. Tell your child once the box will filled up same will be deposited in his/her bank account. After certain amount you are going buy the article from the money they have saved. And watch the miracles.
1 person likes this
@mariaperalta (19073)
• Mexico
31 Oct 12
Its a great idea. Problem is their parents are also having a hard time saving these days. With everything costing much more. I try and teach my 14 year old to save, but when he wants something he tends to just buy it.
@caopaopao (12395)
• China
31 Oct 12
I think my daughter knows when she can get what she wants. If my daughter really wants to get some thing, and it's a little expensive, especially it's not a necessity, I will tell her I will buy it for her later, not now. I have some conditions for that, for example, if she gets a high mark in the exam, if she behaves well, if she is praised by the teacher... My daughter accepts my rules , as she knows that it's useless to cry in front of me like other children, I won't buy her the thing because of her cry. It's a good topic, thanks for sharing!
. It's a good topic, thanks for sharing!1 person likes this
@gpldeguzman (168)
• Qatar
31 Oct 12
It is really a very good idea to teach children to save and how to value every single centavo. There are workshops or seminars that are being conducted to educate children about the money, proper handling, spending and saving. When our kids will become adult, I amsure they will be grateful to us.
