How to turn your child into a saver?

I think the best way to turn your child into a saver is to be one yourself. Let the child see you putting money into savings and talk about how much you've saved. When you get paid, mention how much you have left to pay the bills and to spend after you've put money into savings. Mention that when something goes wrong or you want something big, you will have saved the money for it. Teach by doing. Kids watch what we do.

I'm currently teaching my children to save as far as what we spend when we are at the store. My daughter is going to be eight on Saturday and I've been showing her how to read the price tags at the store to know that we are getting the most for our pennies. She is learning how to read the price per ounce because that is much more important to look at than the overall price. In addition to that, I also am teaching them to save some money instead of handing them everything that they want on a silver platter. They have to save their own money to buy those things that they want.

Hi, As a parent, we have the responsibility to teach our children to be a saver since they are young. For my son, I always told him to save every single cents into his piggy bank and don't anyhow spent on any amount unless necessary. My son is too young to have a pocket money and all his savings are put under his saving account for his future used.

I agree with you ..about the putting savings in a piggy bank. It's good to strat disciplining children at an early age. Parents shouldn't give everything that their children want- maybe just some but not every little thing that they point to. My parents did that to me, and I saved lots of money now for the future..

Well, I think it is better to give young children a small allowance to put in a jar. When they have enough, they can buy a toy they want. Simply giving into a child and buying them a toy every now and then doesn't teach anything. Showing a child how much it costs and talking about how long it will take them to save the money teaches them that you have to work and wait for things you want. Even if you have a budget, for example, you know you can afford to buy your child one toy a month, that doesn't teach a young child. A month is forever to them! And they think money comes for free out of the atm! Take your "toy budget" and turn it into allowance.

You are absolutely right. Opening bank account for children are really a good matter. My child always gets money from her aunts' and uncles'. Her grant parents also give money for her. But she is very lavish and spend lot of money unnecessarily. So I and my husband planned to open an account for her. We hope that it would certainly help her to save the money.

telling him to follow his own heart, always, in seek for happiness and to help others only the person knows what is good for his/her own giving him/her self confidence

My daughter is only three but she already has a bank account where if someone has sent her money for birthdays or holidays I have put it in there. She also has two piggy banks one is a big one for dollars and then she got a small one when we opened her bank account so we use that one for change, I thought that way she can actually get it filled and I am sure she will love going to the bank to deposit it because they have a coin counter machine. Every time this child gets a dollar she tells me I am going to put this in my piggy. And she never forgets. It was really funny she found a penny on the floor while we were out one day and I told her to put it in her pocket and we could put it in her piggy when she got home. Sure enough she not only didn't loose the penny but remembered about it and when we walked in the door she wanted to put it in her piggy. I will ask her if she wants things and she will tell me no I have one already or I have enough toys, I am possible one of the few parents that has to talk their child into a toy or an extra pair of shoes. I hope that this continues as I will be there to help her and I was always a good saver when I was younger it is a little harder now will bills and things but I try. The only bad part is if she finds money, like if I set some money out for some reason if she finds it she wants to put it in her piggy, it is pretty funny when I have to explain that it is my "monies" and not hers.

Lots of kids are captured into fully deployed sales techniques, and families will end up spending fortunes from their little ones credit cards. Like you said Myrah, when parents take responsibility for teaching their little ones how to save money, spend thriftily and limit purchases, they are helping to ensure a prosperous future for their child. Even though parents may be busy at work or other house hold chores, the bank statements and credit card statements should not be over looked. Wise spending will help people save pennies at a time, and this will accumulate to big lumps sums over time. The more these kids practice it, the more rewards and reinforcements they will experience.