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What is the best way to get my kids to learn to start saving money?


Asked by Momabear455 at 10:47 PM on Oct. 27, 2010 in Tweens (9-12)

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Answers (4)
  • Honestly, to start long before the are tweens. I started early. As soon as they had birthday or Christmas money. Even tooth fairy money. They could spend some..but some had to be put in their banks. We opened saving accounts at 6 or 7. Every time pigg banks got full we took them in to make the deposit. Our bank has a program for kids. Up until the age of 16 every dollar put in their account with the chid present is matched with 25 cents by the bank. At this point you have to start talking to them about saving for things they want, saving for emergencies etc. and make it a family rule that any gift money or money earned say 10% goes to the bank.

    Answer by GrnEyedGrandma at 10:55 PM on Oct. 27, 2010

  • From what I have read and heard from financial experts, you need to give them a reasonable allowance. You can't give a child two dollares a week and expect them to learn financial skills. My son is a saver, while my daughter is a spender. I was hoping she would learn by logical consequences but she has not, so I think I am going to have to force her to save money. I don't know what's the right thing to do. If it's there money maybe they she be allowed to do with it as they please. How would we like it if we got our paychecks and our boss told us how to spend it. I know some parents make kids bank money from relatives for birthdays and holidays. I don't quite agree with that.

    Answer by jcm62497 at 7:54 AM on Oct. 28, 2010

  • Tell everyone who sends them money for their birthday and the holidays to just send the money to you or deposit the money into a savings account they can't touch until they're 18 years old or 21.

    Answer by _Tam_ at 4:10 PM on Oct. 30, 2010


    Answer by LACEY122 at 3:31 PM on Oct. 29, 2010

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