For the responsible adult who thinks about being prepared for the future, savings are a fixed expense that is built into the monthly budget just like car payments and insurance. For most people, though, this habit does not come naturally. It needs to be acquired and practiced. Teach your kids those saving smarts now when they’re young to help make it a lifetime habit they’ve already mastered by the time they hit their 20s.
This month’s goal: Give your kids a clear understanding of why saving is crucial to financial wellness and how to make it happen.
For kids under age 9:
For kids over age 9:
Do your kids spend their allowance, chore money and money they earn from odd jobs as soon as they have it? Or do they save up for larger purchases?