If you live in an apartment in Ridgeland, SC with kids, you know that children are spenders. Today, they also have fairly expensive lifestyles. When kids have money, most want to spend it right away. As they get older, we hope that they will start figuring out how to save money. But, we can start teaching them now. Young children need to understand the value of saving money and making wise choices.
It is important to educate our children and equip them with financial skills. They need to understand that not everything is disposable or replaceable and that there is value to the dollar.
Here are a couple ideas that teach children to save:
1. Children learn by example so save money in front of them. If they see you saving money toward something special, it will make an impact. Teach them that avoiding a $5 daily expenditure can add up to a $25 or $30 treat for the family later in the week. Or, if you are looking toward a family vacation, let your children know about your own sacrifices you are making in order to save money.
2. Have them open a savings account in their name. Many banks allow minimum balances and deposit amount. Having official bank books and bank statements can be great motivators.
3. Consider matching your child's savings like businesses do. For younger kids with smaller savings, a 100% match may be possible, as they get older and are earning money; a 50% or 25% match is a great motivator.
4. Encourage them to make lists and set goals. If they know what they’re saving toward, it’s much easier to hold onto money. The first time your child saves up for something big, it will be very rewarding to them. They will appreciated and enjoy the reward at the end of the saving process much more than they will if you just hand them what they ask for.
Original article TuckerPatch