Learning to Save Early
Tips — By Dr. Mommy on November 6, 2008 at 7:46 pm
They are also learning how to plan meals in advance and coordinate the coupons to make a shopping list. My girls love to go shopping and comparing the prices along with the coupons and have also learned that you may actually save money without a certain coupon by comparing unit prices.
Because of my homeschooling, I have made Saving Money
My children also go through their closets and will find clothes that they no longer wear and will bring to consignment shops to earn extra money. They are learning young how to save and hopefully will continuing applying these lessons when they grow older and move out on their own.
Are you teaching your children how to save money? It is as simple as giving them a piggy bank. We have given each of our children a piggy bank. They each have a special item that they are hoping to purchase. We find a photo of that item and place near the piggy bank and with each coin they place in the bank, they are one step closer to purchasing that special item. That is just one example of how we have taught our children to save money.
Do you have any special tips? Share them in the comment area below. I love to hear new ways to teach our children how to save.
The Chronicles continue….
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5 Comments
This is great information. I will past this on to my Son for his children. I wish they would teach this lesson in school. I wish I had learned it when I was in school. But lets face facts when I was in school not many people used credit cards but it would have helped to learn how to manage money. My grandchildren are 5, 3, and 1 so if they learn how to save now there they will be so much better off.
Thanks so much for sharing these great ideas! With four kids who are beginning to LOVE to go out to eat with their friends, go to the movies, buy clothes, and now … save for holiday gifts, etc., these are very timely tips.
In my 8-year old son’s 3rd-grade class, they used Money Savvy Generation’s personal finance curriculum, which included giving each student this really cool piggy bank: http://tinyurl.com/3xg3qq
It’s a wonderful teaching tool.
This is one of the many topics I have on the back burner for my blog. With our current financial situation (DH’s job cut his pay significantly so he quit to focus on growing his own business), I’ve been teaching the kids more about finances and money. We discussed everything financial from debit cards, credit cards, bank loans to what happens when you pay minimum balances or default on loans to ways to cut costs. They are already very familiar with coupons, sales, and comparing unit costs. We talked about our current financial status (income, expenses, and debt). The kids have been eager to help cut costs ever since.
They did ask if they should be worried to which I replied, “No, worrying is for parents only. We’ll make sure you have everything you need.”
That’s a great topic to write about! Here are some other good sources for teaching your kids about money:
http://www.themint.org/
http://www.moneyinstructor.com/kids.asp
http://www.marketwatch.com/pf/started/GettingStarted_KidsMoney.asp
Thanks for sharing!
I enjoyed reading your tips! I also homeschool (not my own child) and we often go shopping. She has to make the shopping list according to the recipe we plan to make, after checking what is in the house already. She makes a budget with the help of newspaper ads. In the shop she has to compare prices, before choosing a product. Then she has to compare the prices and her budget and finally go to the cashier to pay for her purchases. Afterwards, she enters her purchases on an excel spreadsheet called “Dad’s money” and count the money in the money box to make sure we can account for every cent. We have many numeracy and life skill lessons this way. (She is 13 and mentally handicapped.)
Recently we have talked about inflation and why prices go up and why people lose their jobs.