Money Saving Tips for Kids: Family Friday

So I will be honest here. We actually won those prizes in this picture of my daughter, Leigh at Disneyland this summer (thanks to her older brother). Anyway, having 3 kids is a fabulous challenge, and teaching them the value of money and saving money is truly important. My kids usually want to spend their allowance immediately upon receiving it – I can almost see the money burning a hole in their pockets! I have learned that regardless of your children’s age, the best way to teach them the importance of budgeting is to start small and keep it simple. Here are some of my top money saving tips for kids. See my post over at SC Johnson for more.

1. Set an example: Keep a piggy bank at home and use it. I make weekly deposits of small bills or coins and show my kids the savings after a couple months. I also talk to them about the importance of saving and staying on track when it comes to weekly deposits.

2. Match them: To try and keep things fun, match the amount of money save by 50 to 100 percent. This idea helps kids stay motivated to save money.

3. Make a list: I ask my children to make a wish list of the items they would love to own. This helps them to prioritize the things they really want and ensures they think through how much they should budget for in order to afford it.

See more at SC Johnson

4 thoughts on “Money Saving Tips for Kids: Family Friday”

  1. I’m glad you write this post. We have teaching out girls the value of money and how important it is to save for those items they want. If we go out and they want something they pay for it and if they don’t have any money left they must wait until their allowance kicks in again. My oldest daughter saved enough $$ for an IPod touch. She takes extra care of it, since it cost her money & time. We are proud of her too!

  2. I have to thank you for the efforts you’ve put in penning this blog.
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