I have just read a great article on 5 Ways to Show Your Kids How to Save Money and it really got me thinking. The tips are excellent, I urge you to pop over and have a read and put these into practice.
The tip I liked the best was leading by example.
How often we tell kids to do something and do not do it ourselves.
I have to confess to me telling them not to snack on junk food than doing it way too much myself ifs a prime example of this!
I know a lot of my readers are great savers and that is just fabulous but I am wondering how transparent you are about this. Children need to see us save in order to understand why this matters and why it is something we are encouraging them to do. So how can we show them our savings in action?
Here are a few ideas:
1) We can take our children with us to the bank. Let them see us fill in a paying-in slip and actually put our money INTO the bank rather than constantly seeing us taking money OUT of a cash machine.
2) We can have a money jar in view and let our children SEE empty our pockets into it gleefully musing aloud about what our savings are for and how they are growing
3) We can involve our children in our savings plan, explain how we earn interest on our savings, let them see our bank statements and help them decipher them..let them in our goal and show how we are building towards it and when we will realise it. Demystifying money is SO important.
4) We can show children how we make savings all the time by choosing not to buy, buying cheaper alternatives, saying NO to events we cannot afford and haggling for better deals. We can show them how clothes can be mended and toys can be fixed and we can explain WHY we are saving money this way.
To show our children how to save about being explicit and transparent, informative and visible about saving. We need to make saving positive and talked about as something valuable and then our children will see it as a good thing and hopefully follow suit.
Other great tips in the article 5 Ways to Show Your Kids How to Save Money over at GiftsOnline4U that I mentioned previously include starting your child off with their own piggy bank and encouraging them to fill it. Such a satisfying feeling!
Or how about encouraging them to set up spend save and give jars! A lovely idea that really helps them partition their money and think about budgeting. You can print off free Spend Save and Give labels and make your own
Do pop over and have a look at the 5 ways to show your kids how to save article for more inspiration. I loved its simplicity and accessibility and I am sure you will too