Tips to Teach Your Kids How to Save Money

Parents always want their kids to become financially independent and have a secure future. Hence, it’s important to teach the children about saving money, which is one aspect of wealth building. Many adults can attest that schools do not teach students the essence of saving money but learn through experience after realizing that we have to fend for ourselves. Here are tips on how to teach your children how to save money at a young age.

Use a Piggy Bank or Saving Jars

A saving jar or piggy bank is a good starting point when teaching your kids the importance of saving money. Parents tell their children to fill the piggy bank with coins and dollars until there is no more space left. If the kids want a new gadget or toy, ask them to assign a different saving jar for each item they need and ask them to make savings for each.

Open a Bank Account

After filling up the jar or piggy bank, open a savings account for them. Help them count how much they have saved before depositing the money into the account. You should sit down with the kids and come up with a saving timeline.

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