how to teach kids to saving money?

@bcc23488 (883)
Thailand
February 21, 2007 1:51am CST
I think kids don't have experience to saving how to teach them to saving money?
2 people like this
12 responses
@mom_of_2 (399)
• Canada
21 Feb 07
My kids are 3 and 5 and I think they're at an age where I can start teaching them about the importance of saving money. Young kids get excited about doing "grown up" things. Both my kids have their own saving account and once a month they come with me to the bank and make deposits. For Birthdays Grandma sends money so I let them take $5 each and off to the dollar store we go. I explain thet they have enough money for one big item or a couple of smaller items. I heard another suggestion a while ago..one I think would work with older children. The parents took one months earnings and layed the cash on the kitchen table, then they took every bill for the month (utilities, groceries, insurance payment,morgage, fuel,entertainment etc)and from the pile of money "paid each bill". The children were SHOCKED at just how much money it takes to support a family of 4. I just think the sooner you educate children the easier it is.
@bcc23488 (883)
• Thailand
22 Feb 07
I think kids don't believe the reason when they want toys
@jimlyn_ah (101)
• Philippines
21 Feb 07
this is a good question. i think the best way to teach kids how to save money is to set a good example to them. Say things like: Oh, i want to buy this really nice pair of jeans for your dad but I will save the money for your books next school year." You should also explain to kids (when they are old enough to read and write) the value of money, how much you are earning, how much food is, how much their tuition fee is, etc. so that they are exposed very early to the concept of money. But you should also explain that money is not the most important thing in this world. It is still more important to teach values such as honesty and diligence. I hope my opinion will help you.
@bcc23488 (883)
• Thailand
22 Feb 07
thank for your suggestion I will try teach my brother's son
@victor234 (507)
• Brazil
21 Feb 07
I think that you dont need teach them, they learn after pass time. You can open an account bank for him/her and deposit some money every month. When the kid was older, he/she will have a good save money on your account. Make it, is better than teach how can he/she save money.
1 person likes this
• United States
21 Feb 07
my policy with my kids is to teach them importance of money to buy stuff and i do not give them all what they ask ,and tell them to buy what they need from their own money ,and since they can not earn money i tell them to save some of the money i give to buy their candy and kid stuff
1 person likes this
@carmat (2850)
• Canada
25 Feb 07
Our kids have money jars in their rooms and as they get money it automatically gets put in for savings, We will give them a goal to reach, this year its March Break, I will help them roll their money and spend it while away. Then we will start them on saving for summer vacation.
@Shaun72 (15968)
• Palatka, Florida
22 Feb 07
start by saving so much like 10% of every payment a maybe open up a checking account to save it in.
• United States
22 Feb 07
I have always taught my kids the importance of managing their money. They still don't get it. All I can do is keep at them about saving, checking for sale prices and shopping around for the best deal.
@unisis (1674)
• Indonesia
22 Feb 07
need to tell them to save the money which has given to them,put a part of their money in some place that no body know and after a month you check to them,if it is possible to put in bank
@GardenGerty (100284)
• United States
22 Feb 07
You have to give kids money or they have to earn some money, so that they will have some to save. Set certain limits on what you will pay for, and let them save up for the rest. I will admit, this worked well with one of my kids, the other has to learn a little harder way. I am pleased, though, neither one of them is a spend thrift. When they were growing up, we had to be careful with money, but I never said "we can't afford it", but rather, " We do not choose to spend our maoney that way." Let them see that how they, and you , spend money is a choice.
@ossie16d (11834)
• Australia
21 Feb 07
Firstly you teach them by example, i.e. this week we cannot afford that but if we put some money aside then in a few weeks we might be able to get it. Depending on their age you also explain things about the family budget, take them shopping so they can see what you buy and how much it costs. Pick an item up off the shelf, do some mental calculations and then put it back on the shelf telling the child/ren that you won't have enough money for other things if you buy the item that week. Make sure the item is something that you as an adult would have, rather than something the children would have. That way they can see that parents also have to make sacrifices sometimes. You can tell them that you cannot afford something, but when they see it for themselves, the message is stronger. When you son was younger he used to get pocket money every week. He was allowed to spend half of it but it was also compulsory for him to bank so much of it, and we opened a bank account specially for him. However there was also a catch in that he actually had to save a little more than half the amount each quarter. If he managed to do that, they we would add a few more dollars to the account and also he could not withdraw money without our permission. The benefit was that he learnt very early about savings, and what he could gain from saving. He did not get the money for nothing but had to do certain things to earn the money. That taught him about not getting things for nothing, and that still holds true today, even though he is an adult. Initially he was given his pocket money on a weekly basis and every week he would go to the bank and deposit the amount in the account. After a couple of years we changed his pocket money to fortnightly, so money was deposited fortnightly and then by the time he was a teenager he was paid monthly. We never deposited the money in his account for him but instead let him do it. The tellers at the bank all knew who he was, and they helped enormously by making encouraging remarks about his savings. Of course this isn't for everyone, but we found that it did help enormously. As I said he still follows the same principles today, although of course he doesn't bank half his money most of the time. LOL
• United States
21 Feb 07
Get them a jar and have them add change from a bill broken. older kids can help budget the bills. I started my daughter to save easy. When she had a dollar to buy chips etc. she had to add the remaining change to the bucket. She also goes online to pay bills. She has a bucket for placing extra coins. Now we are getting a fire proof box. As we are putting aside a larger amount for saving. Great question A+
@TerryZ (22083)
• United States
21 Feb 07
I say open a savings account for them then that we give them some insentive to save their money. If they see you saving money they will want to do the same thing.