Financial management should be a fundamental skill for everyone. Unfortunately, many people reach adulthood without understanding the importance of saving. Teaching your children how to handle their money establishes habits that will last a lifetime.
Setting a positive tone is important to gain their cooperation. If you treat saving as a chore or an unpleasant necessity, your kids will see it the same way and resist. Help them understand that it may feel like a sacrifice but the rewards make it worthwhile.
With a little creativity you can add an element of fun to make your kids more receptive and illustrate the benefits of saving. Try these suggestions and they may actually look forward to putting something aside for a rainy day.
- Use envelopes or jars to set up a "budget". Your children can use pictures to label them with items that they want to save for. You can also sort them based on short-term and long-term goals.
- Take your kids to the grocery store and involve them in the shopping. Give them $5 and a category to purchase, such as fruit or soups, and let them make the choices.
- Give matching contributions for each dollar saved. It doesn't have to be 100 percent. 25 or 50 percent should be enough of an incentive for them.
- Create colorful graphics to track their progress toward a savings goal. Hang a large chart on the wall and have them color in each section until they reach the end.
- You yourself set the best example. Help your children open a savings account and you can go to the bank together and each deposit money.
Our 21st Century Community Learning Centers reinforce lessons from school and home. Your children will benefit from the social and educational skills they gain from participation.
