Teaching Children to Save Money

Category Saving Money
Learning to save money is the best way to live frugally and be prepared for lean times all at once. Teaching children how to save money early in life, will pay them great dividends in the future. This is a page about teaching children to save money.
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Teach your kids to save their extra penny. I have this coconut bear coinbank which I got four years ago. This was a freebie from opening a kiddie bank account for my child. The bank gave this to encourage parents to teach children to keep at least a single penny a day. I displayed it on the living room and served as a sinking fund collector. Some family members sometimes drop in their coins. When it's full, we bring it to the bank and deposit it. It has a sealed cover on the bottom that the bank opens to get the coins and they reseal it after.

This is a thrifty idea that we have to teach our kids. Drop a single penny a day in a coinbank and increase the amount inside by saving it in the bank. It will earn interest and you will also benefit from it in the future. I was able to use some funds for my kid's first school enrollment. And I even do that for myself as an adult. It's quite fun having a personal coinbank.

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August 11, 2011

Encourage your child to save half of any money that they receive, whether it is from their allowance or a gift. Work with them on how they would like to save the money. Would they like a piggy bank or would they like to open a bank account? Have them participate in dividing the money and making the deposit.

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Talk with them about what they would like to save for and how they would like to spend the other half. If you keep them involved and make it fun, they will be more willing to save their money. Teaching them to be financial smart at a young age will pay off as they grow up.

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November 26, 2007

I have 4 young kids that each have a piggy bank for collecting coins and putting their allowance in. When the banks are full we take them to the bank and deposit them in their accounts, usually around twice a year.

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Budget & Finance Saving MoneyJuly 11, 2011
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