6 Ways to Teach Kids to Save Money
4. Encourage your child to take up small jobs
The value of money is best learnt when one puts in effort to earn some of it. Encourage your kids to take up odd jobs in their free time. Mowing lawns, cleaning cars, serving burgers and all that jazz. Not only will it make them appreciate the effort required to earn even a little amount of money, but also teach them humility and respect for labor.
5. Discuss your finances with them
Teach by example is what we mean here. When you advocate savings behavior to your kids, you also need to show it to them in practice. While it may seem odd to you initially to discuss things like finances which may not be of an immediate concern to your child, but it may be a worthwhile practice. Your child will gain a real world understanding of how to manage money and will doubt less and pay more heed to your advice on saving money.
6. Put them in charge
Give your child the responsibility of handling the household budget for a week. Your child will enjoy being the leader and will see how money flows in and out to make the wheels of the household keep running. As a bonus, he or she will also brush up her skills in math !
