How Do You teach three boys to save money?
August 18, 2006 11:13pm CST
I have a hard time saving money. My boys are 10,12,15 There all into money. Like sneakers,shirts,the corner store.
19 Aug 06
Involve them in family finance matters and explain them the importance of savings: to build house, to educate them, travel expenses besides day to day expenses. Try to show them some other children who have piggy banks. Also entrust them certain aspect of buying for home - tell them to save money while purchasing. They understand and they certainly save.
19 Aug 06
Take them with you when you go shopping and explain how pricess are keep increasing. Explain them briefly how difficult it is to own a house. Only with past savings one can buy a house. Open minor accounts in their names in the nearest bank and ensure that they deposit the pocket money in the bank. Keep incentive (in kind) for those who achieve highest savings. Explain through stories, how TINY DROPS MAKE MIGHTY OCEAN. Before long, parents shold set an example of saving money and become spendthirfts. Ask children to do weekly homework " budgeting of houseexpenses for week". Lowest budget proposal will get a prize. Howzat?