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How to Teach Children to Save!

04.26.23

Teaching children to save money is an essential life skill that can help them develop good financial habits for the future. Here are some tips to help you teach the children in your life to save:

Set a Good Example:

  1. Children learn by watching adults around them, so if you want a child to learn how to save money, set a good example by saving money yourself. Let them see you put money into a savings account or piggy bank and talk to them about why you’re doing it.

Give Them an Allowance:

  1. Giving a child an allowance is a great way to teach them about managing money. You can decide on a set amount each week or month and encourage them to save a portion of it. This can also help them learn the value of money and how to budget.

Create a Savings Goal:

  1. Help a child set a savings goal, such as saving up for a new toy or game. Explain how to save toward a goal, and how adding a little bit of money over time can add up to big savings. This can help them stay motivated to save and give them a sense of accomplishment when they reach their goal. Together, create a chart to track their progress and celebrate when they reach milestones.

Encourage Them to Earn Money:

  1. Encourage children to earn money by doing chores around the house or other tasks, teaching the value of hard work and also giving them more money to save.

Teach Them About Delayed Gratification:

  1. Delayed gratification is the ability to resist the temptation of an immediate reward and wait for a later, more significant reward. Teaching a child about delayed gratification can help them understand that saving money now can lead to greater rewards later.

Open a Savings Account:

  1. Consider opening a savings account for a child in your life. This can help them learn about interest and the benefits of saving money in a bank account. You can also show them how to track their account balance and watch their savings grow over time.

Teaching children to save money is an essential life skill that can benefit them for years to come. Set the next generation up for success and have them check out our BNWise educational modules!

 

Financial Foundations | BankNewport (everfi-next.net)