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Needed! Parents Who Teach Kids How to Save Money

By Jean Tracy, MSS

If money burns a hole in your pocket, chances are you save very little. If you don't want money to burn a hole in your child's pocket, there are things you can do. Inside you'll find parenting tips to help your child become a saver and build character too.

Why not teach your children to follow the money - all the way to the bank. Become a model for saving. Begin by paying yourself first. That means save what you can.

I remember counseling a single mom. She told me "Money is so tight." She'd gather her children together; show them the bills she had to pay, how much she could put in savings, and the $20 they could spend for fun that month. She became an expert at teaching her children to build character by being responsible with money. Even if money is tight for you, model paying yourself first.

William Somerset Maugham once said:

"Money is like a sixth sense – and you can't make use of the other five senses without it."

Seriously, being poor is not a virtue. Being wise about money is.

One mom, an accountant friend, taught her 11 year-old daughter how to choose stocks. Her child chose her favorite kids' restaurant in which to invest the parents' money. They followed the stock every day. Within a year that stock earned them one-thousand dollars. It taught her daughter a new meaning to that old saying, "A penny saved is a penny earned."

So what can you do?

3 Parenting Tips for Teaching Your Kids How to Save Money:

First Parenting Tip:

When your child has learned to count, teach her the value of coins by playing "store" with her toys. You'll both have fun while she sees what money can buy.

Second Parenting Tip:

Give your child a piggy bank. Pay him an allowance for doing chores. Teach him to pay his piggy bank first. Encourage him to save most of it or at least 10 per cent.

Third Parenting Tip:

Open a savings account for your child when she gets older. Take her to the bank and teach her how to deposit her money.

Bo Derek, the perfect "10" movie star, once kidded,

"Whoever said money can't buy happiness simply didn't know where to go shopping."

Don't Worry!

When your children learn that it's better to save for an expensive item than to buy junk, he'll learn where to go shopping too.

Money doesn't have to be the root of all evil. It can be the beginning of wisdom. Paying the bills, taking care of our families, being generous with the less fortunate, and having fun together are a few of money's benefits. You can teach your children the value of money.

Saving Money and Building Character Conclusion:

Start when your children are young. Teach them how to count coins. Then have fun with them by playing "store" with their toys.

Become a model for saving money. Let your kids see the bills. Let them know you pay yourself first by putting a portion in the bank. Give your kids chores, an allowance, and a piggy bank. Encourage them to save too.

Open a savings account for them to deposit their money. Teach them to save for wise purchases. If you do, you'll be teaching them a valuable skill. You'll be building character and money won't be burning a hole in their pockets.

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Jean Tracy, MSS publishes a Free Parenting Newsletter. Subscribe at www.KidsDiscuss.com and receive 80 fun activities to share with your kids.

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