How Can Kids Save Money?

Are you asking yourself: how can kids save money? Teaching kids how to save money at an early age is extremely beneficial. It is important to focus on how they can learn to save money for their future.

How can kids save money? Want to teach your kids how they can save money? Here are 5 ways that will help you get started!

So, how can kids save money? Being frugal and knowing how to save money are important things to teach your children. You want them to grow up to be responsible and financially stable. Take a look at our 5 ways to teach kids how to save money for some easy ways to get them on the right track.

 

How Can Kids Save Money?

1. Be financially responsible. If you have debt, spend impulsively and don’t set a positive example for your children, most likely they will follow in your footsteps and repeat the same mistakes and cycle. Show them by doing, not just saying.

Want to teach your kids how they can save money? Here are 5 ways that will help you get started!

2. Always use cash. When your kids are with you, you don’t want to use credit cards. Seeing the actual money being spent teaches them that you can’t spend what you don’t have. Seeing mom or dad always using credit can teach them that it is acceptable to always be in debt.

3. Give them an allowance and teach them the envelope system. Money to save goes in one envelope and if they are saving up for something special, that money goes into a separate envelope. Spending money also has a designated envelope and when your kids want to buy something, they bring the spending money envelope along.

Want to teach your kids how they can save money? Here are 5 ways that will help you get started!

4. Involve them in shopping, coupon cutting and seeing the savings.Let them see for themselves how much things cost, the work and effort it takes to save money, and the benefits of the savings. This is a great hands on way to teach kids to save money.

5. Reward them for making a conscious effort to save. When you see your child making an effort to be frugal and responsible, treat them to something special. A favorite movie on DVD, extra TV or video game time; just something nice to show them that you recognize their efforts.

By using some of our way to teach kids how to save money along with your own ways, you can teach your kids to be financially savvy adults that know how to save money.

 

 

More Ways to Save Money:

Teach Kids How to Save Money

Improve Your Credit Score

Creating a Budget

How To Save Money For Your Hobbies

4 Financial Vows Every Newlywed Should Take

Also, make sure you checkout the Frugal Fanatic Facebook page and follow us on Pinterest for DIY projects, recipes, money saving tips and more. Do you have any tips on how can kids save money, please share in the comments below!

Want to teach your kids how they can save money? Here are 5 ways that will help you get started!

This Post Has 5 Comments

  1. Great advice. We’ve done the give, save, and spend jars with our kids. They each earn commission and split it accordingly. It makes it fun for them. Will be following…always looking to connect with other frugal bloggers.

  2. I agree with most of your points, but credit cards aren’t bad if you’ve factored them into your budget. We use our American Express card for almost all our purchases, pay off the balance in full,and use the rewards to pay for trips or Christmas gifts or larger purchases like a computer when ours broke. Credit cards can save money or offer helpful perks if they’re incorporated into a budget.

    1. Hi Elizabeth! Yes, I totally agree that they can help to save you money. Most people are not disciplined enough, nor have the means to pay off the balance every month. That is great that you are able to use it to your benefit 🙂

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