{"id":15795,"date":"2023-03-21T16:33:12","date_gmt":"2023-03-21T16:33:12","guid":{"rendered":"https:\/\/www.teacherlists.com\/blog\/parent-corner\/?p=1523"},"modified":"2024-03-07T15:38:40","modified_gmt":"2024-03-07T20:38:40","slug":"how-your-child-can-save-money","status":"publish","type":"post","link":"https:\/\/www.teacherlists.com\/blog\/how-your-child-can-save-money\/","title":{"rendered":"Teaching Your Child to Save Money"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]April is Financial Literacy Month, and it\u2019s never too early to start teaching your children the value of a dollar! Getting them to understand how to save money now can set them up for success later. Here are 8 ways to get the conversation started.\u00a0<\/span>\u00a0<\/span><\/p>\n

The old-fashioned ways<\/span>\u00a0<\/span><\/h4>\n

Money jars and allowances are tried-and-true ways of introducing your kids to the concept of money. Whenever your child completes a chore, put the agreed upon amount of money into the jar. Instead of giving them a flat rate at the end of the week for all the chores they did, put a price on each chore, with their earnings going up with the chore\u2019s level of difficulty. That way, your child starts to learn the correlation between their time and effort with what they\u2019re paid.\u00a0<\/span>\u00a0<\/span><\/p>\n

Talk about money while shopping<\/span>\u00a0<\/span><\/h4>\n

Taking your kids to the store with you is a great way to demonstrate smart buying decisions. When you reach for a more expensive item at the grocery store, explain to them how the item you\u2019re buying may have more nutrients, contain larger servings, etc., and how that means you\u2019re getting more for your money than another brand. Seeing the comparison in real life can make it easier for them to understand as opposed to learning this as an abstract concept.<\/span>\u00a0<\/span><\/p>\n

Apps<\/span>\u00a0<\/span><\/h4>\n

There are tons of highly rated, parent-approved financial literacy apps designed for kids. <\/span>FamZoo<\/span><\/a>, <\/span>Bankaroo<\/span><\/a>, <\/span>Savings Spree<\/span><\/a>, and more are ways to get your kids more involved in money talk!\u00a0<\/span>\u00a0<\/span><\/p>\n

Have them contribute to purchases<\/span>\u00a0<\/span><\/h4>\n

Every kid points to a toy at the store and asks to take it home. While teaching financial literacy, tell your children they can get it if they contribute a certain amount of money to the purchase. This is to help your kids curb impulse buys and have them ask themselves if they really want it.<\/span>\u00a0<\/span><\/p>\n

Online interactive games<\/h4>\n

Like most, your child probably has an allotted time on their devices. Use some of that time for good! There’s a plethora of financial literacy games<\/a> that don’t feel like learning!<\/p>\n

Save in real time<\/span>\u00a0<\/span><\/h4>\n

Saving is a bit of a strange concept to young children, and it takes time for them to see money accumulate. If anything, \u201csaving money\u201d can be seen from a child\u2019s perspective as an excuse to not buy fun things. To fight this, here\u2019s an exercise to try next time you\u2019re at the store:<\/span>\u00a0<\/span><\/p>\n

    \n
  • Give your children a set amount of money for essentials (shampoo, soap, some sort of personal essential) that does not come from their allowance<\/span>\u00a0<\/span><\/li>\n
  • Explain to them that they can spend the whole sum on their purchase today, or go with less expensive options and put that money towards the next time they make this purchase<\/span>\u00a0<\/span><\/li>\n
  • Next time your child needs the shampoo, give them the same set amount of money + whatever they had left over from last time. Rinse and repeat (pun intended)<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

    The idea is to show them more quickly how even the smallest of purchases influence your savings.<\/span>\u00a0It’s also a great way of showing them how they have a choice in how they use their money.<\/span><\/p>\n

    Work together towards an experience<\/span>\u00a0<\/span><\/h4>\n

    Saving money can feel like a punishment to kids. The pay-off isn\u2019t fast enough or worth their while. Sit down with them and have an activity in mind to save for, like a trip to the zoo or their favorite restaurant. Show them the cost of the activity, along with how much money they have now, and come up with a game plan to get there. Offer ideas such as setting aside money from their allowance each week, slowing down on video game purchases, etc. to achieve that goal.<\/span>\u00a0<\/span><\/p>\n

    Be gentle about mistakes<\/h4>\n

    Whether your child has expressed regret about a purchase or went over their spending limit, treat mistakes with kindness and empathy. Adults make financial mistakes, too! Use each mistake as an opportunity to talk about what should change next time. Find the root of the problem, like impulse buying, wanting what’s popular at school, etc., and use those topics to fuel your discussions on money.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

    Financial literacy for the family<\/p>\n","protected":false},"author":1,"featured_media":16618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4207,4217],"tags":[4271,4272,4273,4144],"acf":[],"yoast_head":"\nTeaching Your Child to Save Money - TeacherLists Blog<\/title>\n<meta name=\"description\" content=\"Teaching your child how to save money is a chore in itself. 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