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Children learn by example, so the best way to teach your child about saving money is to save money yourself.Have your own jar of money that you put funds in regularly.They can save all their cash for one purchase, or they can contribute to different “jars” for various savings goals.
One of the most important things you can do is to start a conversation about money and the importance of saving. In addition, illustrate how much their money can grow over time if they save. Asking good questions can get them to think long-term and have a positive relationship with money.
Also discuss the difference between needs and wants and tell your children you are always open to talking about money and new ways to save. Letting them know you’re always open to have a conversation about money can encourage them to ask questions of their own to keep learning.
Every time an amount is saved, draw a line illustrating how much was saved.
Let your kids know that they will get small rewards at each checkpoint. Visuals are also helpful in illustrating their savings goals and how their money is growing.
Tell your kids that the goal is to fill up the piggy bank with dollars and coins, until there is no room.
Illustrate that the piggy bank is for saving money for the future and that the more they save, the more their money will grow.
In school, we aren’t really taught about the importance of saving and many of us find that as adults, we have to fend for ourselves.
But there are ways to empower the next generation, and that starts by teaching children the importance of saving from a young age.
As a kid, the concepts of money and time can be hard to grasp.
Research has shown that the impact of a one hour financial lesson wears off after about five months.