Kids Saving Money Can Be Simple

Children should definitely save money but unfortunately most parents dont show their children how to do it. The whole concept of kids saving money has been largely ignored in the American family. That is why most people in this country have very little or zero savings when they get older. And the funny thing is that kids will learn if you teach them. We teach our children all kinds of good things like how to look both ways before crossing the street or how to eat their vegetables but rarely do we take the time to show our kids how to save.

First thing that you have to do is make it fun for them. Remember when we were kids and our parents bought us our first piggy bank? We filled it up with pennies and eventually took a hammer to it. That is the right idea for kids saving money but perhaps the wrong tool because once they break it they will stop saving. If you go online you can buy several types of great toys that are higher tech versions of the traditional piggy bank. Some of these are coin meters or coin counters that dont need to be smashed or broken.

Second, you have to give your kids some sort of weekly allowance but dont make it automatic. You need to tie the amount you give them with performance at school or other activities. A great way to get kids saving money is to give them more if they can show that they have learned how to save. Incentives are great learning tools and you will soon see those savings grow.

Many local banks and lending institutions now have specific programs tailored to the young money saver. With online banking and a personal password this makes it easy for kids saving money to see how much they have at all times just by logging in to their account. These bank sponsored programs are great and usually include lots of fun and educational collateral materials that your children can use to inform themselves of the benefits of saving money.

It wont take long for the children to get into the habit of putting away their money if given the proper motivation and tools. You will soon see kids saving money by holding events such as lemonade sales, car washes, mowing neighborhood lawns or other productive tasks. Once they get money saving into their system it will be with them for the rest of their lives, and that is one great feeling if you are a parent.