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    Teach Your Child to Save

    By Darlene Zagata     

    Saving is a concept that can be challenging to accomplish in our society of commercialism, taxes and ever increasing prices. Nevertheless, we should try to save for those rainy days because eventually those downpours do come and sometimes they result in a flood that keeps us struggling to stay above water. It’s nice to have a little something saved to help us stay afloat.

    In order to save money we may have to sacrifice, cut back or stick to a budget. No one really likes to do without things they really want but in the long run saving can be well worth the wait. The best time to start saving is when we are young. This is why we should teach our children the value of saving rather than always spending.

    Some parents start saving for their child even before the child is born. Often they will open a savings account for the unborn child. If you plan on saving for your child it may be best to start as early as possible. Once your child is old enough you can set a good example by teaching him or her about saving and why it is important to do so. Usually every child has a piggy bank or some sort of bank and that is the best way to start saving with a young child. Start filling the child’s bank with change as most parents do. Some people find pennies to be a useless annoyance but even those pennies add up over time.

    When the child receives gifts of money for birthdays and holidays you can encourage your son or daughter to save the money. Children may not like the idea of saving the whole amount without being able to enjoy any of the money given to them as a gift. As kids grow a little older you may see a bit of resentment when you suggest they save their birthday money. You might hear remarks like “It’s my birthday money. I want to buy something,” or “It’s my money. Why can’t I spend it?” They do have a point, after all. The solution is to compromise. Suggest that your child save half and spend half or divide it up in a way that is suitable. The important point is to have the child save at least a portion of the money; that way he or she gets into the habit of saving.

    When your daughter or son is old enough to have a job, even if it’s only babysitting on the weekend, cutting grass for a relative or shoveling snow for the neighbors, encourage him or her to save part of the earnings. Teaching a child to save at a young age is a good practical lesson for earning potential and money management in the teen and early adult years. Good habits start early and hopefully will last a lifetime.

    Even if the parents are very financially secure and able to provide for their child’s every need and desire, it is still best to teach the fundamentals of saving and earning. Often, too many teens and even young adults continue to depend on their parents for financial support rather than using their own potential to gain employment. Others that do have jobs may find it difficult to manage their earnings although they still reside with their parents. A proper attitude toward earning and saving can make the difference. Give your child a head start on the road to self-sufficiency.

    Written by Darlene ZagataRate this article:

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