How To Teach Kids To Save

money-jar-reach-for-the-starsLollies, soft drink, video games, and other goodies; these are the things that children long for and parents do not want to be constantly asked for the money to purchase them.

Children enjoy having special things, just like adults. They want to feel mature, make adult decisions, and spend like they see their parents doing. But most children are not yet mature enough and they need their parent’s wisdom to teach them the correct ways to spend and most importantly, how to save money.

So how can children learn to see money in a different way other than just shaking the mum or dad tree?

Add some fun. Start with fun ways to make money (sorry, scrubbing the toilet is not one of them). Think of things that your child likes to do and offer to pay them for it. Maybe you have a child that likes to mop and would agree to mop twice a week for payment.

Set goals. Together, make a plan to spend their hard earned cash on the weekend, at the end of the month or for an upcoming special event.

Make it visible. Use a wall, the front of the refrigerator, or some other place where they can chart what they are saving up for. Help them think of something small (the candy they ask for in the checkout aisle), something a little bigger (a special dessert on a weekend outing), and something really big (like a toy they have been eyeing off).

Count it. And a favourite for most children is to see the money and have a way to look at it. Something like MooWoo’s Money Bank is a perfect way for children to enjoy the money saving process, easily pour it out to count, and watch their money grow.

Now, the next task is to set the example. Maybe you should buy a MooWoo Money Bank for yourself too.