In today’s fast paced society, kids can go from saving pennies to using credit cards quicker than many parents realize.  The importance of teaching children how to save and make good choices with their money at a young age can help them obtain good habits going into adulthood.  Studies have shown that kids who lack good financial sense are at a higher risk of filing bankruptcy during their early twenties.

Introduce simple financial concepts at an early age to help them get started.  This may include showing them how to count money and talking to them about spending and saving.  As they get older and begin to understand how money can be used, give them money to spend and save.

Kids like to see things grow so giving them their own piggy bank to add money to gives them a good idea on how money adds up.  This also gets them into the habit of saving.  Encourage goal setting to help them keep money in their piggy banks.

If they have a bad habit, look to capitalize on it.  If they buy something they don’t need such as fast food, make them a certain amount back into their bank.  If your child is looking to save up for a certain item, you may consider matching their amount.  This helps to reward sacrifices they have made in working toward the item.

Encourage them to seek ways to make money.  This can start with household chores which develops a sense of self-worth.  If you lend them money, some tend to think its okay or easier to obtain cash verses working for it.  Help kids understand choices they make in spending their money. Sometimes they may get let down if they buy something that fails to meet expectations.  Discussing a disappointment may help them be open to better spending next time.

Kids can be introduced to different ways in making less expensive purchases.  This shows how they can save money and be smart about comparing items before making a purchase.  Older kids can be encourage to keep a notebook to record their spending or keep receipts to compare spending from one month to the next.

Talking to your kids about good money sense helps to build good communication between parents and children.  Reward them when they make good choices and in some cases, it doesn’t hurt to repeat tips and suggestions to help them get the hang of good money habits. Keep it up and in a few years time they will be helping you with your tax reduction!

 

 

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