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Six Tips To Teach Children To Save Money
Children learn the value of money early in school from mathematics. They easily learn that money buys things they want and this interests them. Here are 6 tips to teach your children to start saving and investing.
1. There are 3 things to do with money. First, you can let it sit idle in wallets, purses and mattresses. Second, you can spend it and third you can save and invest it and watch it multiply. Take your children on a tour of your city and show them the different ways people live. Point out the different living conditions in relation to the different areas.
2. Teach goal setting. Every child know what they want to be when they grow up. A fireman, doctor, nurse etc. are popular career choices. But children ever consider what they want when they grow up. Explain to your children that setting goals is a proven method for gaining what we want in life.
3. Put goals into action. You can try developing a financial plan with them. If you have a financial planner you can set up a meeting and explain to your children how financial goals are serious business.
4. Be frugal. If you have not already, read the book "Millionaire Next Door." This really opened my eyes to the world of the rich. People become rich through saving and investing wisely, not by earning a great deal of money. The typical millionaire in America has appreciated assets from years of careful investing and saving. Show your children how a frugal budget allows you to save more.
5. Open savings accounts early. Take your children to the bank as soon as they understand basic money principles. Open savings accounts in their names and go over the statements with them as they come.
6. Better choices. Present alternatives to your children for entertainment. There are so many like going to the park versus going to the movies. Going to the library and checking out books versus expensive toys. Show your children how the family can take these savings and invest them.
Teaching children to save and invest their money can be very fun and rewarding. If they see your efforts to provide a better future for them they will love you for it.
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