Save Half, Spend Half

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.

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.