Posted by BRIAN PRZYSTUP & ASSOCIATES LLC

Teach Your Kids about Saving Money through These Creative Ways

Teach Your Kids about Saving Money through These Creative Ways

There are a lot of ways on how to teach your kids about money and it can be fun also. You can turn a complex topic into a game or you can take a day-to-day activity and make it a learning moment. From toddler to a high schooler, your child has something to learn money-wise at every point in their life. 

To help you teach your kids about money in a fun and easy way, here are some ways. 

1. Piggy banks

Breaking open a piggy bank when it is full and see how much you saved is the best part for any kid. It is great to start easy and traditional with a piggy bank. But, you can try a clear jar if piggy banks your thing since in that way your kids can see their money pile up. 

2. Watch videos

Many of the popular YouTube videos are just less than 10 minutes and they are also fun and interactive while teaching kids about money. Put one on to help them stay entertained while learning either during a short car ride or at a doctor’s office. 

3. Have a saving contest

Aside from saving a little along the way, you can have a friendly competition to get your child practice saving. 

4. Use what they love

In relation to things your child enjoys, you can also talk about money. Explain the price of books if they like reading. Explain the cost of sports equipment if they like playing sports. Show how those skills can be applied to your career as money-saving habits. 

5. Show the value of time and of giving to those less fortunate

Charitable giving is also an essential part of healthy finances aside from saving. Guide your child and help her choose a charity they can give or volunteer at those ties. If your kids like pets, for example, they can choose a local animal shelter. Volunteering can be a challenge especially in your family’s busy schedule but you can still teach charitable giving by donating old toys and clothes. For them to feel the reward of giving back, take them to give their donation in person instead of mailing it, if possible. 

6. Plan a getaway

Get your kids involved in the planning process if you are going on a family vacation. To explore the cost of airplane tickets from your city, you can use Google Flights, Kayak or a similar search engine. Make sure they understand the added expenses in flying when you are showing the price comparison while checking out different times and days. 

7. Draft a wish lift

Encourage your child to write down all the things they want and rank each item instead of an annual letter to Santa. This will teach them to budget ahead of time for items they want and also help them prioritize purchases. 

8. Be a good example

Set an example when it comes to teaching your kids about money. Make sure you are practicing good money habits since your child is likely to develop habits based on your behavior. 

9. Don’t always choose brand-name products

By purchasing generic instead of a brand name or stocking up on items that are for sale is one way to show them that there’s a way to shop smart and show them how much you save by doing so. 

10. Impulse buying should be avoided

Your children will learn the financial planning and budgeting early on if you avoid game-time purchases in front of your children. If they decide it’s something they really want after a day of waiting, then teach them how to figure out the most cost-effective time to get it. For example, during the back-to-school season, there are stores with tax breaks. 

11. Show the value of cooking over eating out

This is as convenient as eating out can be. By going out to grocery stores with you to stock your kitchen, and purchasing cookbooks with some of their favourite recipes, you can teach your child cooking can be cost-effective but just as delicious as eating out. Family bonding time during cooking practice together and a financial lesson in one. 

12. Don’t fall into the ad trap

It is easy for us to be influenced by ads since they are everywhere. Teach your child that you don’t have to purchase it just because it was advertised. 

13. They should know that money is not everything

When it comes to buying groceries or paying your mortgage, you use buying that’s why it is important but it isn’t everything. But with life insurance, it can be used to protect the ones you care about the most. 

BRIAN PRZYSTUP & ASSOCIATES LLC
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