Save Money Hound

It’s never too early to teach the kids how to save money. Learning at an early age about money and financial sense goes a long way as they reach their teenage years and early adult life.

There are many innovative software programs out on the market which show kids how to save money.  In these simulations, the kids go about their daily lives, learning how to hold a job, saving money in the bank and spending money at the shops. It’s a great way to teach kids the real value of money.

Through advertising and peer pressure, kids quickly get a penchance to consume at an early age. Kids should be taught at an early that it takes time and effort to save money to buy all these consumable items.

Here are some handy suggestions from the Save Money Hound to teach your kids the value of money.

1. Set up a piggy bank
Depending on their age, kids can be given chores to do around the house. They should be helping around the house anyway without a monetary incentive. But perhaps for those “extra” chores, you could pay them a small amount of money which they can deposit in their piggy bank to save up for something special. That way they appreciate how long it takes to save up money and also learn that it is not easy to earn money.

2. Paper run or milk run
If the kids are a little older, they could do some part time work in the shops eg at the local supermarket or  food outlets, walking the dog, or helping out with a paper run or milk run. The milk run is becoming a dying breed, but there are plenty of other opportunities where teenagers can be hired. Working will help them develop life skills at an earlier age and get them ready for adult working life.

3. Open up a savings account
If the kids are holding a part time job, it is worthwhile to set up a savings account in their own names so that they can save money. You may else teach them the value of saving money and earning compound interest. The kids will get a certain satisfaction from watching that compound interest grow!

4. Play monopoly or other money games
Robert Kiyosaki is famous for his series of books on money and also has a board game Cashflow 101 available that teaches you the value of money and other associated money concepts. Bring out this boardgame or other games involving money such as Monopoly to teach the kids some money concepts whilst also having fun doing so.

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