Saving Money With Your Kids

Kids need to learn about saving money as much as they need to learn how to read. In spite of what some parents think, spoiling your children does not show them how much you love them. It's called spoiling for a reason, after all. It only helps them grow up to be clueless about money (and have an attitude besides).

If you really want to do something important for your kids, teach them to save money. Instill lifelong habits of sensible spending. That doesn't mean you can't give them treats or splurge once in a while. It just means helping your children grow up to treat money responsibly.

How to save money as a kid

If you want to help your kids save money, you need to make sure they have some available. Different parents handle this different ways. Some give their children an allowance for spending money. Others give their kids a set amount of money each month, and they are responsible for all of their spending, from clothes to treats.

Depending on the age of your kids and how you want to approach things, you can use any style, but your children do need money if they're going to learn to save it. Once you've tackled this important issue, here's how to help saving money kids would otherwise spend.

1. Lead by example. If your kids see you spending money impulsively, they'll think that's the 'grown up' thing to do and follow suit. Not only should you control your own impulses, you should talk through them. Let the kids hear you say, 'Hmm, no, I don't think I really need that chocolate bar.' It shows them that adults have impulses too, but have learned to control them.

2. Encourage global thinking and charity. Your kids might feel underprivileged compared to the other students in their school, but when you teach them about how the rest of the world lives, they'll realize that they have it pretty good. Encourage your kids to donate some of their money and time to charity, and to realize that most of the world gets by on much less than the average American.

3. Help your kids save money towards big ticket items. Instead of buying them the latest gadget, help them work out a budget so they can save up to buy it themselves. They'll learn more, and the item will mean more, too.

4. Make special events about spending time together, not spending money together. It's perfectly fine to go out for an ice cream cone, but it's also okay to go for a picnic, play a game together, or pop some corn and watch a movie. The same goes for holidays: shift the focus from presents to family.

If you follow these tips, your kids will be saving money in no time. In fact, they'll not only save money, they'll be ethical and intelligent consumers willing to make the most of what they have. What more can you ask for? Help your kids start saving money today!

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