A Lost Art
Saving is generally a lost art for kids and parents alike. Living in a world of instant gratification and easy credit makes the whole idea of saving foreign to most people. Kids who do not save never experience the anticipation and excitement that builds as they close in on a saving goal. They never know the pride that comes with the purchase and possession of something they bought with their own money. Even more tragic is the financial havoc not saving can create for them as adults.
Benefits of a Savings Habit
Saving helps kids learn to pay themselves first and to get in the habit of planning for their future needs by setting aside a certain percentage of everything they make. It allows them to make larger purchases and cover major expenses. They learn that having 5% or 10% less to spend now is hardly noticeable while eventually having the money to buy a game system or their first car is something they’ll never forget. Developing the saving habit as children makes their lives as adults much more manageable and rewarding.
What are some of your favorite tips to get your children into a savings habit? Let us know. Here is some of our advice on the matter.