Skip to main content

4 Tips for Teaching Your Kids to Save Money

Let’s face it, money has major influence on our lives and it does affect our decisions in more than one way. Children who are growing are still impressionable, which is why educating them about the importance of money is so important.You have to set an example for them to follow because they learn from you. For instance, if you’re doing some shopping with your kids, let them see you use some shopping discount coupons.

save money
Image from

Lead by example to teach them. By being able to save and invest intelligently in the future your children will be able to save more money and get the most out of what they spend. In the following article we look into a few tips on what you can do to raise financially responsible children.

1. Teach them the Difference Between Need and Want

There’s a lot of marketing today that is aimed towards children, which is blurring the line between wants and needs. If you want your child to be financially responsible then you need to show him or her the difference between need and want. Only then will you be able to build a strong foundation for your child so that he or she doesn’t end up wasting money in the future. Your kids should be able to see through these marketing ploys that are aimed at them.

2. Give a Debit Card to Older Children

When your children are old enough, you can open a bank account for them and give them a debit card so that they learn to spend money wisely. This money can be spent by your kids for personal use but you should monitor their activity. If you choose to go this way then let them know how they can keep a track of their account’s balance by signing up for email/text alerts. This is a basic step but goes a long way in helping your children understand the importance of using money wisely and efficiently.

3. Go for a Chore Based Allowance

While this isn’t an idea that is practiced by all parents, you can think about doing it as it could help your child understand the relation between money and work. Here, what you do is instead of giving your child a weekly/monthly allowance, you give an allowance that is based on the chores they do. This shows them that there is a tie between work and the money they’re getting. Besides the regular chores, you can also give your kid additional chores that he or she can do to earn some extra money.

4. Create a Savings Plan

Every kid wants something expensive, whether it’s the latest Xbox or something else. So go ahead and allow your kid to choose an expensive item that they would like to buy, and help them to save money for it. In addition to helping them like or appreciate the item more (since they bought it with the saved money), the saving process also shows them how to budget the right way in order to buy things that they cannot afford outright.

Being a parent, it’s your responsibility to guide your children towards a better financial future. Take some action now if you want your child to understand the value of money and take the necessary steps to save in the future.


Related Posts Plugin for WordPress, Blogger...

Popular posts from this blog

What's the Best Shampoo For Getting Rid of Head Lice?

When my family was staying in the Middle East, my daughters had no problems with head lice or “kuto.” A head louse (lice, plural) is a six-legged parasite that feeds on blood in the human head. Lice do not jump or fly, but crawl only. They do not carry any disease, but they suck blood and cause itchiness. Here’s a photo showing the life cycle of head lice.

When we came back to the Philipines, I was taken by surprise one day when I saw my daughters

Which Brand of Electric Fan Do You Recommend?

It’s really hot now and it’s so untimely that one of our fans gave up on us. We only have 2 working.  Actually, since we came here in the Philippines 2 years ago, we’ve already bought 6 fans and I’m not satisfied with how they worked for only a short time.

We bought 2 Standard industrial stand fans, one broke in less than a year while the other one is still working. We bought 1 Union desk fan and this one lasted 2 years. Then, we bought 1 Dowell stand fan because of a sale but then it was defective within one month. We brought it to their service center, they got it fixed but then the entire head (with the fan blade) of the fan flew off (nasira ang hinang).

My PureIt Excella Water Purifier Review

Last December, we bought a PureIt Excella water purifier at SM Megamall. After almost 7 months of using it, I can say that it was a good decision.

Why Buy a Water Purifier?

That is the primary reason I wanted to buy a water purifier. With a portable water purifier at home, I don’t have to ask my husband or my sons to buy mineral or filtered water at nearby water vendors. I know there are free home delivery services, but I think having our own water filter is still the most convenient. No calling. No waiting. No hassle.

The only question is which brand of water purifier should we buy? It’s a good thing we discovered …
Unilever’s PureIt Excella Water Purifier