by Sara and Kayla Black
Making Saving Fun for Young Children
Young kids need to learn how to save money especially for when they are older and move out and live on their own. Here are some ideas for helping your kids save money.
- Use different envelopes or jars so one jar would be for savings and the other would be for spending.
- Use a savings goal chart to help you work up to your goal.
- Before you buy something for your child, ask them if they would spend their own money on it. If not there is no use in buying it.
- If your kid is having a lot of trouble saving money you could offer rewards for saving money.
- You should always set a good example for your kids. By doing this you will teach your kids how to save money while being able to spend some too.
Helping older kids practice saving money
- Use a high yield savings account of their own to help them save up money.
- Let your child make mistakes so they can learn from their mistakes that they make.
- Talk about saving money and about finance and spending money wisely, also what you need and what you don’t need to live.
You could also play games like monopoly and more games including money management.
