Money Management for Kids
Do your children understand the importance of saving money? In today’s world of fast cash and quick spending, it’s easy for kids to think money might really grow on trees. So how do we show them that saving their money is essential?
In her book, Dollars and Sense, Cynthia Sumner offers this advice:
- One idea is to open a savings account in your child’s name.
- Another is to hang a picture of something your child wants on the refrigerator as a reminder of a savings goal. Then, take your child shopping as soon as possible after the goal is reached.
- Also, teach your kids to comparison shop between similar items of different sizes and prices.
- Practice delayed gratification by suggesting your child ask for nonessential items only on birthdays and holidays.