As we grow up, we learn several important lessons about the world. One of those lessons, unfortunately, is that you need to be careful with money if you want it to be able to afford the things you need. As parents of a 5-year-old and a set of twins, me and my husband Daniel know perhaps better than anyone just how important budgeting can be.As your kids start to get a little older, and you introduce things like allowance and gifts, it could be the perfect time to start finding fun ways to teach them about the responsibility of money, and how to save. Trust me – these are skills they’ll thank you for in the future!
Use a Special Piggy Bank
We’ve all had a piggy bank at some time or another, and these traditional methods of saving are still a great way to help your children understand just how important it can be to budget money. Rather than a standard piggy however, why not create a piggy bank together using a how-to-guide online, and design it to represent something that your child wants to save up for, like a new dollhouse or a teddy bear. That way, you teach your child how to visualize a goal and work towards it, placing money into their bank once a week with an allowance, or when they complete certain chores.
Make a Goal Chart
Another crafty solution for teaching your child about the value of saving, is to design a chart based on how many weeks it might take for your child to reach their saving goal, and offer treats when they meet certain milestones. For instance, you might put a sticker on the chart every time your child gets a percentage of the way towards being able to afford the things that he or she wants. When they’re half-way there, you could always offer a bigger treat, to help reward the saving instinct.
Set a Good Example
Finally, trust me when I say that I know just how tough it can be to avoid overspending sometimes. We all have those moments when we want to binge on a new purchase, but if you really want to teach your child something special, you need to set a good example. After all, kids learn from their parents, right? Me and my husband Daniel also have our own money jars that we put cash into to save for things like vacations or big purchases. We make sure that our daughters can see every time we save back a little extra cash, so they know that the big things we get come from hard work and dedication.