Tips on Saving For Kids

Children Savings Tips

As a parent it is your responsibility to teach your children all about money management and how to go about saving properly, because this is something that they do not teach them in school. Your kids will generally learn these sorts of skills by watching what you do as parents, but it is much better if you can be proactive and use the tips on saving for kids to help them learn all about money.

  1. Best Way To Give Kids An Allowance        Add Comments
    When it comes to teaching your kids all about saving money you will find that giving them an allowance is a great idea. The best way to start to doing this is to give them a small amount of money as soon as they are old enough to understand what it is and what it is used for. Always make sure that you give your kids enough allowance, but not too much otherwise they won't appreciate it and make sure that you set a specific pay day (ie: Monday) and be strict in sticking to that day.
  2. Give Children Money For Doing Extra Chores        Add Comments
    If a child does some little jobs around the house which are outside of what is normally expected of them then you should give them a little bit of extra money. Doing this will not only teach them about the importance of work but it will also teach them how to earn an accumulate savings.
  3. Get Your Kids To Set Saving Goals        Add Comments
    The word saving for kids is a new and strange concept and you have to instil in then the value of money and why saving is such a good idea. The best way to do this is for your children to set some goals when it comes to saving money. Get them to set realistic goals such as saving for a new toy or a new bike as this has been proven to work very effectively. Also don't forget to congratulate them when they reach this goal so that they know that they have done a good job.
  4. Taking Kids To The Bank        Add Comments
    It is always a good idea to take your kids to the bank to deposit the money that they have saved in their piggy bank and if your kids make regular deposits they can also see how their money grows. When you take your children to the bank to get their deposit book updated ensure that you point out the interest that they have earned, so that they are aware of how interest works and how it benefits their personal finances.
  5. Guide Your Kids With Their Spending        Add Comments
    Guide, but do not tell, your kids how they should spend her money. This is a difficult thing for some parents do to, but it is important to remember that it is their money that they have saved up and they must be able to make their own decisions (and often mistakes) on how this money is spent. The best thing to do is make helpful suggestion on ways that they can stretch their money further, like visiting the library to borrow books instead of spending their hard earned money on buying a new book.
  6. Teach Kids To Save Some Of Their Pocket Money        Add Comments
    It is a great idea to teach your kids from a very young age that they should be putting away and saving roughly 50% of their allowance or pocket money into their bank account. Also whenever money is given that your kids as christmas or birthday gifts it is a good time to remind then about the importance of saving some of that money as well.
  7. Teach Kids About Buying Major Clothing Brands        Add Comments
    When your children get older they will begin to want the trendiest brand of clothes because that is what the other kids have. As a parent you will need to teach your kids to see the clothes themselves and not the brand or logo on the clothes. The best way to go about doing this is for you to pay the amount that the generic clothes are worth and ask your kids to pay the difference between that and the price of the brand name clothes.
  8. Help Kids Recover From Money Mistakes        Add Comments
    When your child makes a mistake with their money (and they will at some point in time) it is very important that you help them to recover from this mistake and do not simply bail them out. This approach may seem tough at first, but in the long run it will help them more. It will teach your kids to respect their hard earned savings, not to be frivolous with their money and that they can't rely on someone to be there to bail them out when things go wrong.

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