Educate Your Children To Be Smart With Money
You teach your children to be safe at school, on the street and at home. Do you educate them about how to be smart with money? Try these ideas for teaching them to understand its real value.
Give them a piggy bank. Do it when they’re young and teach them the value of the different coins.
Make saving a habit. Set a rule that a certain percentage of their allowance or birthday money is put into the piggy bank.
Open a SaveAbles Kids Club account. Explain how the interest will compound over time. Also, as a member of the SaveAbles Kids Club, every time they bring in a deposit, they will get a cool gift for free!
Encourage goal setting. Have them make a wish list along with a deadline. For example, save for a skateboard by the end of the summer or a bike by the end of the year.
Teach them how to budget. Have them write down what they plan to spend in any given week and if any money will be left over. This will teach them the difference between wants and needs.