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Six Tips To Teach Children To Save Money

By: Zacharias Allred Children learn very early that money can buy candy and toys. In school they are taught basic mathematics concerning money so they already know the basics. Here are 6 tips to help them want to start saving and investing.
1. There are 3 things to do with money. First, you can let it sit idle in wallets, purses and mattresses. Second, you can spend it and third you can save and invest it and watch it multiply. Take your children on a tour of your city and show them the different ways people live. Point out the different living conditions in relation to the different areas.
2. Help your children set goals. Ask your children what they want when they grow up? Every child wants to be someone like a doctor or a fireman but what do they want? How do they want to live? Do they want to be poor or rich? Help them set some goals early and explain that proper saving and investing is a huge part of getting what they want.
3. Put goals into action. You can try developing a financial plan with them. If you have a financial planner you can set up a meeting and explain to your children how financial goals are serious business.
4. Be thrifty. People grow rich slowly and being thrifty is a large part of this. Teach your children the difference in price and value and how to shop well. This in turn leads to more money available for saving and investing.
5. Open savings accounts. Take your children to the bank or credit union and open savings accounts as soon as possible. Show your child's name on the account so they can get a sense of how their money is growing.
6. Give your children choices. A big birthday party, for example, is expensive. What if your children would be just as happy with cake, ice cream and some games with their friends? Say something like, "A big party like we had last year cost $200.00. What if I put $185.00 in your savings account and just spent $15.00 this year?" Some of your children will still want the big party but you might be surprised to learn that some will be listening to you and will choose the savings option.
Teaching children to save money should be fun. Let them know this is for their future because you love them. You will enjoy this time together.

Article Source: http://www.lifeweightloss.com

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