Teaching Your Children How to Save Money

Teaching your children good habits, no matter what they are (manners, hygiene, etc.) is something you want to instill in them early in life.  So why not teach them about the power of money?  Everyone can make better choices about how we choose to spend, and save, so why not learn some tricks as early as possible.  Teaching your kids that saving money can be just as fun as spending it is possible if you show them how.

Get a piggy bank – Children can learn as early as the toddler years just how much fun it is to save money.  By finding coins around the house and dropping them into their piggy bank feels more like a game than anything else at this age, but it also sets the stage for a more sophisticated future in savings down the road.

Give money a value – For every $10 saved, mom will buy you a new book from the bookstore or an ice cream cone after school.  Reward children for saving.  A small treat goes a long way in a child’s eyes. 

Allowances – Every responsible (and lucky) tween or teen has a host of chores to do around the house in exchange for an allowance.  This tradeoff teaches them the value of money much faster when they have to work around the house to earn it.  It teaches them all about accountability and responsibility.

The bigger the better – As your child gets older, talk to them about why saving money is important as you enter different stages in life.  Just as adults are rewarded with 401K options at work, give your child the same benefit.  Tell them that for every $50 they save, you’ll match it.  They’ll be more inclined to want to save than ever before.  The more they save, the more they’ll be rewarded.

We hope you enjoyed our tips from Neutratone.  If you have any comments or suggestions regarding any of the information, please contact us – we look forward to customer feedback!  This article can be found on our Neutratone blog, plus tips, promotions, and other events.