Parenting Pointers: Teaching Kids to Save Money

Teaching kids to save money equips them with money-savvy behavior in adulthood. Being budget-conscious (not stingy) is a mature thing to do and will benefit your kid as he grows up. Wouldn’t it be nice to have your kid grow up appreciating the value of saving money and spending wisely?

Here are some ways you can teach your kids to save money.

1.     Explain the difference between “need” and “want.” It may sound like a grown-up topic, but if you phrase it in an entertaining way (you already know what makes your kid laugh), then go for it.

2.     Create a savings goal. If he saves a few pennies off his meager weekly allowance, deposits them in his piggy bank, and articulate how he loves to see his savings container be filled up – then he is off to a good start when it comes to setting a savings goal. Steer the direction of his savings goal -- how much does he want to accrue at the end of the year and what are his plans for the money? You can even open a kiddie savings bank account for him. He will find the idea of saving fun and meaningful, because he sees that there is a point to it.

3.     Teach your child about the effects of advertising and the ways it can bend the truth. This is something that you must be upfront with your kid, because he may be spending a lot of time in front of the television. On top of curbing materialistic impulses which leads to financial problems in adulthood, you may also potentially ward off eating disorders.

4.     Entertain can be had for free. Make your kid see this. Cheap entertainment can be found in wildlife parks, museum trips, and camping trails. Fancy gadgets and toy-shopping sprees – they may look fun but they come with hefty price tags.

For more easy and fun science facts, projects, and activities that are perfect for your grade-schooler, be sure to check out “The Amazing Science Discovery Series” at http://www.amazingsciencediscovery.com or visit http://www.easysciencefun.com