How to Teach Your Child to Save Money
If you want to educate your children the importance of saving money, here are some suggestions according to the age.
1.2-5 years old
Firstly, you can start introducing your children to various forms of coin when they are 2~3 years old.
Hold up a coin, explain a penny, nickel, dime or quarter to them. However, you also need to be cautious that you put the coins beyond their reach after the introducing, because they may swallow the coins when you are not with them.
At the age of 3~4, many children start to understand doing chores, such as putting away the toys.
You can give some money after they have done a good job and suggest them to save it rather than spend it. Which means it is best that you buy them a piggy bank, and ask them to put the coins in the piggy bank for future. If they really want to spend it, teach them to buy things which are really necessary for them.
Mommed has some stylish piggy banks for children.
At the age of 4~5, you can start giving them allowance and teaching them to make the bed.
2. 6~10 years old.
Some parents think that it is useless or not good to teach children about saving money before 6 years old. And many parents don’t have the time and patience to teach very young children, as they are super busy with work.
So if they are 6~10 years old, you can teach them the concepts of saving and spending.
And you can teach them about time efficiency and save money in the long term. For the things we use daily such as tissue, you can educate them to buy as much as the allowance can afford sometimes. So they don’t need to go to supermarket to repeat the action of coming and going again and again to waste time, and the unit price can be cheaper if they buy a little bit more which is saving money in the long term.
3.11~13 years old
Some parents even think it will be useless to talk to them about money before they are 11 years old. So if you realize that it is important to teach about it when they turn 11. You can ask them to do household chores as many as possible and pay them for their work. You can ask them to clean the room, especially the kitchen which need cleaning very often. If there is a dog in your family, you can ask them to walk the dog after school.
You can also teach them the business idea of investing after their piggy banks are full. As too many piggy banks will take up space in the room.
4.14~18 years old
For parents who start teaching their children about money when they turn to 14.You can teach them about economy, they will understand. You can also start telling them about the family economic situation, and tell them that how hard it is to earn money. Even show them the bills, and teach them how to pay the pills. If you are going through crisis, the bills are piling up, you can let them know too,14 ~18 years are old enough to understand the burden of being parents, if they have some saving, they may contribute a little. It is also good to encourage them to take a part-time job.