Do You Need Help Teaching Your Kids How to Save? Read This Guide!

Posted on September 22nd, 2011 by

Do You Need Help Teaching Your Kids How to Save? Read This Guide!To most kids, money is nothing more than something that their parents are entitled to give them until they can support themselves. Unfortunately, this is the kind of attitude that leads to the wasteful spending that ultimately hurts a family in the long run. If you are ready to put your foot down and teach your kids how to save, this guide will help you out.

Stress the Importance

Kids hardly ever pay attention to the financial stability of their family, and a lot of parents try to cover up the fact that money issues exist all together. But if you’ve recently fallen on rough times in Sparks, NV, it’s vital that you be honest with your kids without giving specific details. By simply urging everyone to cut back on their spending or bringing up the fact that you need a better paying job, you will send a message that saving is a must.

Give Set Allowances

If you’re accustomed to giving your kids money whenever they ask for it, it must be hard for you to keep any cash in your wallet. You can combat this problem by coming up with set allowances. Make it clear that once you dish out a wad of money at the start of the week, the parent bank will be closed until next week. This will force them to start budgeting and managing their money to last longer.

Open a Savings Account

Do You Need Help Teaching Your Kids How to Save? Read This Guide!When you drive down to your local bank and open up a savings account for your kids, it will make them feel important. Stress the fact that all of the money they save over the years can be used towards buying their first car as a teenager, getting a new apartment or paying for credits at the university of their choice. You’re never too young to have a savings account.

Give Rewards

If you really want to get your kids into the practice of saving, think up some creative awards. If you’re son is really into basketball, maybe you can take him to see a game every time he saves $100. Or maybe your daughter has been asking you to decorate her room for quite some time now. When you notice that she is really making an effort to save a lot of money, perhaps you should give into her wishes.

Lead by Example

Do You Need Help Teaching Your Kids How to Save? Read This Guide!After talking about savings week after week, you have to learn to practice what you preach. So when you take your kids to the grocery store with you, let them see you doing price checks and using coupons. If you’re trying to find a team of furniture movers, use your negotiation skills to get a lower price. Basically, do whatever it takes to set a good example for your kids.

Tags: affordable, budget, saving money, savings, shopping, tips

This entry was posted on Thursday, September 22nd, 2011 at 4:03 pm and is filed under Nevada. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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