Saving is a Learned Skill
Contents at a Glance
Teach Them the Value of a Dollar
The Starting Point
The first step in raising financially savvy children is to teach them how to save. The best time to introduce the concept of money and saving is when they start noticing money. They learn fairly fast that money can be used to get things they want. They don't understand where money comes from, if asked a five year-old will probably tell you it comes from a machine. All mommy has to do is push the button. Even at this young age children can learn to save. As they grow older planning for future purchases and eventually saving for the future can be instilled.The key is to start.
Simple concepts can be taught as soon as a child learns to count.
Start with a piggy bank and lessons on the value of different coins.
It won't take them long to understand that although the dime is smaller, its worth
One Penny ... Two Penny... Three...
Start with a piggy bank and lessons on the value of different coins.
Piggy
Pink Pig Piggybank Traditional Ceramic Kids Bank
Amazon Price: (as of 07/06/2009)
I prefer the classic piggy banks. They remind me of the one I had as a child.
For the Love of Nature
For the Sports Enthusiast
As your children and their understanding of money grows, they can graduate from the piggy bank to a passbook savings account. A good time to do this is once they are old enough to understand simple interest.
Money Doesn't Grow on Trees
Money Doesn't Grow On Trees: A Parent's Guide to Raising Financially Responsible Children
Amazon Price: $12.60 (as of 07/06/2009)
Talk to your children about money. Give them the tools to become financially responsible children. Finalncially responsible children become financially responsible adults.
Children learn by example. Be sure you're setting a good one.
State Quarters. They're fun to collect and save.
Are you setting the right example for your children?
Do you save? Are you setting the right example for your children?
Fetching blurbs now... please stand byWe save, but not as much as we would like.
adventuresinautism says:
We have two special needs children that require extensive medical care, medication, and services. There are many services they need not covered, or not covered completely by insurance. We live on my husband's one income because I need to be home full time with the boys , but we do put a little bit away each month.
Posted December 05, 2008
poddys says:
I grew up with gifts of money that would always go into my savings account. My daughters however only get gifts, seems to be a tradition with my ex-wife's family, and they have never been taught to save. Shame, since they have 10 times as many toys as they need, yet precious little savings. All out of my control...
This doesn't fit into either answer category... so I tossed a virtual coin :)
Posted November 30, 2008
Joan4 says:
My husband saves change and one dollar bills. That quickly becomes vacation and Christmas fund.
Posted November 20, 2008
In today's economy? Not a chance. Nope. My kids need to do as I say not as I do.
Teaching our Children to Save and plan for the future is a vital part of their education, but it is often neglected. Give your children the skills they need to succeed. Financially responsible children will grow up to be financially responsible adults. Learning how to save is the first step to financial freedom.Help them take that first step.
It may be one of the most important things you'll ever teach your child.
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Was this Lens helpful?
alteredkat wrote...
I hope I'm doing enough to teach my lads...DH and I are very frugal and rarely use a credit card and when we do we pay it off that month...our investment broker gave them sectioned piggy banks which I thought were great!...4 parts (savings, spending, investments & donations)...great concept but the actual piggy bank was very cheaply made and didn't last long.
Thanks for popping into my scrabble tile jewelry lens...I appreciate your comments! My eldest lad made jewelry for a while and sold some pieces on Etsy...hopefully that taught him a bit about making $$$.
:o) ...guess I'll find out how I did in about 10-15 years ;o)
Posted April 13, 2009
jamesanderson1346
Right, Savings is not as easy as to think. but it's a good way for future. i like this lens. 5*. Read Finance Articles
Posted April 01, 2009
About the Author
Lensmaster ElizabethJeanAllen, aka Lizzy Jean, has been a member since March 16 2008, has rated 3,690 lenses, favorited 454, and has created 165 lenses from scratch. Lizzy Jean donates their royalties to Squidoo Charity Fund. This member's top-ranked page is "The Mallard Duck". See all my lenses
by ElizabethJeanAllen
I tell my students to Learn from the Past, Live in the Present, and Plan for the Future. With Squidoo I can do all three.
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