Teaching children the value of money is an important lesson that needs to start when they are young. What IDEAS have you used to teach your children or grandchildren about saving money? GoodGrandma℠ has a few IDEAS to share about how to SAVE.
- START – Start when they are young, as early as three years old. Here’s a great gift IDEA, a piggy bank. Need an activity IDEA? Play with fake, or real, money by creating a store to go shopping. Start educating kids about how money works and the cost of items.
- ACCOUNT – Open a savings account in their name. Locate a bank providing a free savings account for children in which it can easily be converted to a checking account with a debit card as a teenager. Teach how to budget money, expenses, and saving. When I was a child my dad would sit me down at the beginning of each month and pay me for chores, as well as my help with the family business. From my income, I would pay for my dance classes and music lessons, writing checks for each person and business. The money remaining would pay for clothes, entertainment, birthday gifts for others, etc.
- VALUE – Teach the value of money. Discuss interest, credit cards, and debit cards and how each works. Tell them about credit scores and how to increase your credit score without going into debt.
- EXAMPLE – Be an example of wise spending and saving, and always use good money management skills.
Grandma Jolyn shared her IDEA about teaching kids the value of money and the importance of saving.
“As a general rule, my kids hate spending their money, but they love spending mine. So Mark and I came up with a plan. Every summer, we would give them 100 $1.00 bills or when we went on vacation we would give them $50 to spend on anything they’d like – treats, Disney parade souvenirs, t-shirts, miniature golfing with friends, etc. Then whenever they wanted something, we would say sure, you have money. But nine times out of ten they would not buy the item. Lots of times our children came home from vacation with their original $50. This plan really made them think before they spent. My children loved seeing their bank balances grow. When they started working they saved at least half of their earnings. This way they had money for college and future needs.”Grandma Jolyn
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