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Money Smarts For Kids

Aug 1, 2008
It's typical nowadays that many teens do not understand the true value of money, both the spending and earning side of things. The thought many times doesn't even cross the mind about investing, even if they are a student. As a parent, you have much influence in this role.

It's important to endeavor to teach your kids how to save a portion of their earnings. This helps them understand the concept of investment and money early in their childhood. This will help prepare them to have good money management skills as they grow old.

Here's some suggestions you can teach your kids about how to save money:

1. Your children should be taught of the value of money. Once they know how to count, is a great time to teach them the true meaning of money. Be consistent and teach them in simple ways, do this often so that they can remember what they were taught.

2. Teach them about saving money. Why it's important and how it will impact their lives. It's important to allow them to ask questions about money to you, and sharpens you in the process as you respond to their questions.

3. If you choose to give them an allowance. Try to give it in denominations. Encourage them that to keep a certain bill to save for future use. Motivate them by explaining to them that money can be saved and they can the purchase they want once they are able to save.

4. Teach them the lesson of working. Pay them (or find someone willing), to small odd jobs or chores around the house. This will help them with the concept that money needs to be earned, and not just simply given, just because. They will also learn to value it more when it's something they had to work for.

5. Teach them to save money by using a piggy bank that they can put coins in then wait until the bank is full. You could open a bank account for them to let them deposit money from their savings. Show them how much they have worked for to keep them motivated.

Money and saving is not something that is learned by children in one sitting. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.
About the Author
By Rachel Ray - Visit her site for a many of resources geared to help a family budget also lots of parenting advice as well. Grab a cup of joe, relax and look around.
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