The importance of teaching your kids to save money
Learning to save money can start at an early age, and often times we model our spending behavior after our parents. As a coupon blogger, I am constantly talking about saving money, and my husband is constantly reminding me, it is not saved unless you SAVE it.
We get excited by great deals; and yes, sometimes it is exciting to get makeup for a quarter, or a pack of gum for .10, so we pass these tips along to our children. As a result, instead of children who once saved their allowance (or at least some of it) they are emulating you, and blowing it….on crap.
I am writing this post to say…I was wrong. My 13 year old daughter, who was once diligent about saving her money (truly saving, in the bank) now spends a good portion of it at CVS. I taught her that. She used to bank at least half of her allowance, I am hoping we can get back to doing that. I set a bad example.
Children truly do learn by watching you, and I am going to have a discussion with her. I am going to remind her of the importance of saving. She is a good girl, she will listen.
All of the kids have passbooks, and have been taught how to fill out a deposit slip and how to record their deposits. We let our 9 year old fill out her own deposit slips, it’s ok if its’ messy, the bank tellers understand.
Speak to your kids about needs versus wants and long term and short tern goals. I am going to remind our daughter about that car again, and get her back on track.
To encourage your kids to save, there is a savings calculator here. Teach your children now, and they will thank you for a lifetime.