Nothing eases a parent’s mind more than knowing that their child is aware of the value of money, as well as the importance of saving it. Knowing how to save – and spend – wisely is hands-down one of the most useful traits a child can be raised with. In some households, where financial conscientiousness is habitual, this may be a natural product of childhood. But if you want to take a more hands-on approach to teaching your kids about smart spending and saving, here are five tips and tricks to get kids started saving and spending wisely:
1) Sticker Charts & Rewards
Sticker charts can be used in a variety of ways when it comes to saving – for example, you can use one to encourage your child to set weekly savings goals, or work towards saving up for various desired items. This doesn’t just encourage saving – if your kids are buying toys with their own money, you can bet they’ll treat those things a lot more carefully than if said are just handed to them. Plus, you don’t even have to shell out for the rewards, because the end goal is the reward itself!
2) Compartmentalised Piggy Banks
Image by James Thompson
Nothing’s more exciting than using something you’ve made yourself, so a great way to start kids off on the road to money-saving is to let them assemble their own piggy banks. There are a fair few methods of crafting and decorating piggy banks online, but the easiest method is still to clean out a jar, cut a hole in the lid, and – boom, piggy bank.
You can take things a step further by creating several piggy banks (or by compartmentalizing a single one), each to be used for something different – one for saving, one for spending, or if you’d prefer, one for investing and one for donating. It’s up to you!
For more helpful tips to teach your kids about saving and spending wisely visit Scarlet at the Family Focus Blog!
 Scarlet Paolicchi is a wife, mother of 2, and a Nashville blogger. She founded Family Focus Blog where she blogs about parenting, green tips, and giveaways! |
