Teaching Kids to Save Money and Plan for the Future
A young mind is like a sponge, ready to soak up knowledge. Teaching kids to save is one of the best things you can do for them at an earlier age. This will help to set the foundation for a secure, debt free future. You can actually start much earlier than you might think, when you when teach the concepts of saving money. Some parents begin as early as two years old.
What Are You Teaching Your Children?
For a very little one, the steps involved in teaching kids to save should be extremely basic and can start out with the gift of a piggy bank. Piggy banks come in all shapes and sizes these days, as well as non-destructible materials such as child safe plastic. Find something that will peak your little ones interest. You can explain when they help around the house they will receive money to put inside their bank. When they have enough money, they will be taken somewhere special to spend it.
When is the right age?
The younger the child, the smaller the attention span; so saving up for small things is a better bet. Think pound store toy aisles, or a trip to the ice cream store. In other words, something they will enjoy but will be able to save for in a short amount of time. Teaching kids to save is all about finding elementary ways to explain the complex concept of money.
While most children under five are limited in what they can do to help around the house, a two or three year old can assist in picking up toys and putting them back in the toy box. He or she can also help by assisting a grown up in feeding or caring for the family pet, or perhaps helping in cleaning tasks like dusting the room with socks. For every helping hand they lend, you can give them some money to put in their bank. The more fun and easy you make this lesson the easier it will be retained.