Parents should teach their children about saving from a young age. This will encourage them to save when they are older. If you aren’t sure where to start, follow these three tips:<\/p>\n
Tip 1: Want vs. Need<\/strong> Tip 2: Save toward a goal<\/strong> Tip 3: Age-appropriate saving<\/strong> Parents should teach their children about saving from a young age. This will encourage them to save when they are older. If you aren’t sure where to start, follow these three tips: Tip 1: Want vs. Need Our basic needs include food, shelter, clothing, health care, and education; these are non-negotiables. Any additional extras or ‘nice to haves’ is a want – typically something we save up for. Tip 2: Save toward a goal Teaching your child about saving is easier when they are saving towards a goal. If they want to buy a new game, talk to them about how much of their allowance they have to put away on a weekly or monthly basis and how long it will take to save that amount. If it is a big goal that they are saving towards, consider matching their contribution. Tip 3: Age-appropriate saving Consider your child’s age. If your child is younger, consider using a piggy bank or jar so they can physically see the money accumulating. You can open a bank account in their name and pay money into their debit card if they are older.<\/p>","protected":false},"author":2884,"featured_media":40907,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-40906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-parents"],"yoast_head":"\n
\nOur basic needs include food, shelter, clothing, health care, and education; these are non-negotiables. Any additional extras or ‘nice to haves’ is a want – typically something we save up for.<\/p>\n
\nTeaching your child about saving is easier when they are saving towards a goal. If they want to buy a new game, talk to them about how much of their allowance they have to put away on a weekly or monthly basis and how long it will take to save that amount. If it is a big goal that they are saving towards, consider matching their contribution.<\/p>\n
\nConsider your child’s age. If your child is younger, consider using a piggy bank or jar so they can physically see the money accumulating. You can open a bank account in their name and pay money into their debit card if they are older.<\/p>","protected":false},"excerpt":{"rendered":"