Creating Good Savings Habits for our Little Ones

Reading is usually a part of an everyday routine with kids. But what about saving as an activity?

Saving money is a habit.  And developing that habit at an early age is crucial.  Here’s a quick tip to develop this habit early on.  Give each family member a clear jar and display them together.  Each jar should have a label on it based on what each person wants.  For example, Mom’s jar might have “Emergency Fund” on it.  Dad’s jar might have “Car Stereo” on it.  An older teen’s jar might have “Spring Break” on it and a child newborn to 13 might have “Toys and Games” on it.  Each day or each week, make it a ritual to put a small amount of money the jars.  It doesn’t matter if it is dollars or just coins.  The ritual is more about teaching the habit and routine of saving.  If the jars get too full, have everyone take out just a few dollars out of their jars and put it in an envelope.  Then take everyone to the credit union or bank to deposit most of the money into individual accounts for each person.  Your kids will enjoy being included in such an adult activity like going to a financial institution.  After that, with the few dollars everyone withheld, take everyone out for ice cream or other some other treat to celebrate another successful saving activity.  Start filling the jars again the very next day.  When the accounts get large enough, reward the kids buy taking the money out of the accounts and buying their coveted item.

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