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Teach Children About Saving: Start Early

  • Allowances. Sit down with your child and encourage them to identify ways for them to earn money through age-appropriate chores. Help them make a list and keep a chart of all the chores they complete. The amount of chores can be based off of age - 4 years, 4 things a week. The lesson is that money does not grow on trees - there is a value to money and it is earned through hard work.
  • Shopping. Make a grocery list and get kids to cut and organize coupons with you. Take them to the store and have them match the coupons with the items on the shelves. As a reward, give them some or all of the money saved from using coupons. 
  • Celebrate saving. Put a picture of the item for which your child is saving on the piggy bank or jar they use to visually reinforce their goal. Track the child's progress with a colorful chart that can be posted on the refrigerator or bedroom door as a reminder of the child's achievement. Give them recognition for their discipline when the savings goal is reached. 
  • Trips to the Bank. Take children to the bank periodically for visits and to learn more about saving and spending.
  • Withdrawing money from the ATM. Teach them about the "invisible money" at ATMs and how it really works. We know it isn't free, but do they?
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