Teach Your Children to Save
Ranked #5,607 in Parenting & Kids, #189,547 overall | Donates to Operation Helmet
Saving is a Learned Skill
Teaching our children how to manage their money is a vital part of their education. In our spend-happy society, it's too easy to put off saving until tomorrow. Pennies are small and relatively insignificant, but like our children, they grow. The penny becomes a nickel and then a quarter. Save four quarters and you have a dollar...
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, but they don't understand where the 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
Piggy Banks!
One Penny ... Two Penny... Three...
Piggy
Pink Pig Piggybank Traditional Ceramic Kids Bank
Amazon Price: (as of 02/15/2012)
I prefer the classic piggy banks. They remind me of the one I had as a child.
They Learn Fast
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: $6.99 (as of 02/15/2012)
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.
Add a Little History to the Lesson
Turn your child's interest in saving money into a history lesson with a piece of American history. Mechanical Banks were first introduced on the market in the early 1900's. What started out as a sideline for iron workers turned into a whole lot more. Banks used the mechanical banks as a means of teaching children how to save. Today Mechanical Banks are an interesting and decorative piece of our history. From Mechanical Banks to Piggy Banks
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.
Handling Money Lenses
Was this Lens helpful?
-
Reply
-
WhiteOak50
Jan 9, 2010 @ 7:13 am | delete
- You know, if I could give you a physical gold star for this lens I would. THIS is something I believe so strongly in. I raised my brother and sister to understand the concept of money from the moment I started raising them. Today, both of them are very financial aware-don't get me wrong, everyone slides sometimes. But understanding and knowing how to make ends meet begins with learning from childhood. "Blessed by a SquidAngel"
-
-
Reply
-
totalhealth
Oct 15, 2009 @ 4:48 pm | delete
- it's always better to start teaching your children about important things at a young age. I had my first bank account when I was 9, which my parents opened for me and it's where I deposit my saved allowance.
-
-
Reply
-
vanidiana
Apr 16, 2009 @ 9:31 pm | delete
- Hi, nice lens! Lensrolled it on my Piggy Bank lens! :)
-
-
Reply
-
vanidiana
Apr 16, 2009 @ 9:31 pm | delete
- Hi, nice lens! Lensrolled it on my Piggy Bank lens! :)
-
-
Reply
-
alteredkat
Apr 13, 2009 @ 7:31 pm | delete
- 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)
-
- Load More
About the Author
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. more »
- 255 featured lenses
- Winner of 17 trophies!
- Top lens » The Mallard Duck
