Five Ways to Help Children Save

Image courtesy of digital internet
Image courtesy of digital internet

If you have children then you probably hope that they will be sensible with money as they grow up. You probably want to encourage them to save money so that they continue this when they are older. There are lots of ways that you can do this, with some ideas below.

Give them Pocket Money
It has been suggested that if you give your children pocket money then they get used to the idea of money, saving up for things and spending it. They will start to learn that if they spend the money that they get, then they will have none left for another occasion. They will learn that if they want something expensive they will have to save up for it.

Let them help you Shop Frugally
If you are shopping with them then let them help you find good prices for things. Often in supermarkets, there are lots of similar items at different prices. Show them these and ask them which one they would buy and why they would buy it. Explain to them why you are choosing certain items.

Teach Them about Value for Money
It is really important that children understand about value for money as well as being frugal. It is all very well understanding that they should not overpay for things. However, they also need to know that when you pay very little, you run the risk of getting something which is poor quality and therefore it is worth paying more.

Buy them a Money Box
By giving children a money box from a young age, they will start to understand the joy in collecting money. Children often have fun collecting things, but money is something they can collect and make really good use of in the future. They will also be able to collect money in there and every so often empty it out and take it to the bank.

Open Them a Bank Account
A bank account can be even better than a money box. Some children’s accounts can be really good with regards to the amount of interest that is offered for them. Paying into an account can get children used to the idea that they can get money to work for them and earn them interest if they pay it into a bank. They will also get to understand what a bank looks like and how bank accounts work.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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