How do you teach your kids to save money?
By soccermom
@soccermom (3198)
United States
February 3, 2007 8:19am CST
I have 3 kids, 11, 4 and 16 months. We have savings accounts for all of them. With the two younger ones everything they get for birthdays, etc..goes right into their account. Plus when we come into extra money we put some in each of their savings. With my 11 year old she gets to keep half of what she gets and the other half goes immediately into her savings. She was upset about this at first but now that she's seeing her savings grow she gets excited about it. Does anyone else have a system for teaching their kids to be responsible with money?
5 responses
@celinlocario (334)
• Philippines
13 Feb 07
You are teaching your kids to save and that's very good. But see to it that their food (snacks, etc.) is not sacrificed. There are some children who do not eat so that they have something to place in their savings accounts.
@soccermom (3198)
• United States
13 Feb 07
What decent parent would sacrifice feeding their kids so the kid could save a little money? I wasn't talking about money we use to feed the kids, pay bills, etc.. I was talking about money they receive as gifts and with my oldest allowance money (she gets $5 a week, we put $5 a week in her savings). Thanks for the post!
@gittabest (1946)
• Iceland
3 Feb 07
I don't have kids but I think your system sounds pretty good :D
It will be very good to have money, for example, to send them
to good schools one day :D
1 person likes this
@sripriya (450)
• United States
14 Feb 07
You can give small allowances to kids.IF they complete a task say them you wall reward them with money.Set up money saving containers for them.Explain the impotance of saving money to kids.When your kids start understanding the concept of money saving applaud them for their money saving efforts.Allow them to spend certain amount of money in the way they like.This might encourage them to save money.Hope these tips are helpful to you1happy parenting!!
1 person likes this
@lullabell (436)
• United States
14 Feb 07
Mine are 14, 6, and 18 months. By giving them their own money and letting them spend it at the stores themselves for me works. I just refuse to give in to "can i haves" at the stores. If i know they have money they have to pay for it. If not i tell them they have to save for it. Same with money for going places for the older one. I don't give it if i know she has it. ( now i do sometimes give money ahead of time knowing there will be an up coming cost to them) This works kinda like a test. If they try to spend it before the event i remind them that they may want to be sure of their spending choices what if you want to go to that dance or whatever. If they use it they lost that event. (unless it's something they can't miss out on of course)
Another tip a great mom told me was when she found money in her kids laundry, she would keep it and wait for them to ask for money again and hand them the money she had found. I loved this one.
@soccermom (3198)
• United States
14 Feb 07
We do the money in the laundry thing too, only if the cash falls out of my hubbys pocket I just keep it! LOL You have the same system I have with my oldest, at first she really hated it, but I see her becoming more responsible with her choices and now it doesn't seem to bother her so badly to earn and save for what she wants.
