Teaching kids to save is a laborious process. I have one child who money burns a hole in his pocket. One child who does a budget and doesn’t deviate from it. A third child who flat out doesn’t like to spend money unless it can’t be avoided. No matter the child’s spending style, all need to learn the skill of saving for a long term purchase.
It’s important to model and teach this skill to your children. Mastering this one skill will be probably the most beneficial thing my children will learn to be successful adults. It will keep them out of debt as well as develop the skill of delayed gratification. There are plenty of adults today who lack this skill.
Saving For A Long Term Purchase
Maybe it’s a new bike, or a musical instrument, or perhaps some really cool toy that your child wants. The first key to this skill is picking something the child really wants. Make a poster with a picture of the item, the price, and a goal bar to keep track of how much saved. You need to do this at first to teach the skill but it’s not necessary as the child becomes proficient in saving.
Let me ask you, do you have the money to buy it right now? If not, the wisest thing you can do is to save towards it. You’ll be surprised how quickly you can get to your goal if you work towards it without getting distracted by lesser purchases. Let’s work on this skill together.
Decide together where the money will be held while they save for their big purchase.
- Will it be held by the parents?
- Open a bank account?
- Saving is the smart thing to do.Teach them that to always have a safe place to put their money so they are less likely to spend it or even lose it.
Celebrate when they meet their goal and are able to purchase the coveted item. Discuss what to save for next. This skill is one of the most important ones you can teach your children.
Featured as Skill of the Week!