E114 - Teaching Your Kids to Save Money

First 100 Words
You can begin teaching your child how to save as soon as she is old enough to understand that money is used to purchase things like toys and food. The first lesson you want your child to learn is the relationship between money and work. Start with a small allowance and a list of small chores that must be completed before payment.

Now sit down with your child and make a wish list of things she wants. Pick one that fits your budget and explain that you’ll need to save money each week in order to have enough money to buy it later. Delayed gratification is very difficult for children, so set your target no more than a few weeks into the future. Anything longer than a few weeks invites frustration . . .

When To Use
Help children start early to appreciate money, manage spending, and save. How to teach, shortterm actions to take, building excitement and proper motivation.

How to Use
Parenting classes, seminars, health lobby literature displays.