When to start teaching Kids to Save

When is the right time to teach kids to save? When they learn to buy things for themselves? When they start asking for things they like? When you can start explaining when things are expensive or not?

Since my little girl now knows how to count, we’ve been asking her to choose between two things when it’s needed. We always try to give her options and to make her own decisions. At times she’d really want both, especially for toys and books, and that gave me the opportunity to teach her how to save her own money.

Although she might not know the exact value of money yet, what’s important is for her to learn that SHE can buy something she wants if she saves her own money. We hope that it will make her learn how to strive for things she want and inculcate in her the values needed to make her work hard in the future.

To try and encourage her to save, we’re looking at money boxes for children and maybe having it customized with her name on it. We’ve seen a lot of designs that I’m sure she’ll love so I know getting her own money box is a superb idea. Since she now fancies horses and loves riding carousels, I think this is perfect for her.

Carousel Money Box for Children

4 Comments

  1. This is something I would like to teach Sean too when he’s at the right age. I want him to learn to save and not be wasteful.

  2. That’s being a good mother , teaching your children how to be savvy and making your child be informed of the difference between “wants” and “needs” .

  3. thanks for the advice, i know i can used it when its my turn to be a mom too.. when i was little i used to buy things that i want and when i used it a couple of times, maybe twice or thrice, i hate to use it and i want to buy a new one. but now i learn to scarce my things and make a good decision to save some money.. and i guess if you teach your child to be thrifty in her/his early years she/he will grow up putting it in mind that things should be save to earn money that can be very useful in the future or upcoming situation that need money for a much more important thing. ^_^

  4. My nephew is 6 years old and only now do I teach him how to save because he wants to buy his own toys.

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