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Helping Kids To Save Their Money

Sep 2, 2008
A lot of teens nowadays do not understand the value of earning and spending money. They were not oriented that investing is necessary even if they are still students. As parents, you play a crucial role in this area.

You should be able to teach your kids on how to save money. They should be able to understand the concept of money and investment as early as childhood. This will prepare them to learn money management, as they grow old.

Here are some tips on how you can teach your children how to save money:

1. Your children should be educated of the meaning of money. Once your children have learned how to count, that is the perfect time for you teach them the real meaning of money. You should be consistent and explain to them in simple ways and do this frequently so that they may be able to remember what you taught them.

2. Always explain to them the value of saving money. Make them understand its importance and how it will impact their life. It is important that you entertain questions from them about money and you should be able to answer them right away.

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 to work for money instead of always being given money. You can pay them a small amount when they clean their rooms, do the dishes or any other chores you choose. This idea of earning money will help them think that money is something that has been earned and should be spent carefully.

5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated.

Savings and money is not something that is learned at one time in one lesson. Be patient when teaching them and work the concept of money into their activities for a natural learning moment. Children will learn easily if you are patient and consistent to guide them and encourage them.
About the Author
By Rachel Ray Visit her site today for a plethora of resources and suggestions for helping to make a home life more balanced and enjoyable. There are also financial suggestions for helping
families cope with their finances . Grab a cup of coffee and look around.
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