I think a good way to teach kids about saving is money is to have them start researching their purchases. When they want to buy something with their own money, have them get involved in finding the best deals. Even if you're paying for the item, it could work. You can teach them good shopping techniques and then let them pocket the amount of money saved (or put it into a bank). For example, if they want to buy a toy, and they find it on sale for $5 of, you let them keep the extra five bucks to reinforce the benefits of learning to save money. Thoughts?
Teaching kids how to shop wisely and save money is good. Not all children are being taught such things, like me, I wasn't taught how to save or look for the cheapest product possible without sacrificing the quality of course. I just learned everything by myself as I grew up. Teaching kids early might result to them having a bit of savings once they are around high school. But instead of teaching them just to save money, I prefer teaching them to invest.
Yes, I agree with this. This is a great way to teach children how to save and also to get them to see how important savings can go a long way to have extra money. If they can save the extra cash they have and put in a home savings box or they can save towards a holiday or a movie. They can have a points system where they get rewarded for every target met. This will motivate them to keep the savings up.
Also parents must make the kids work for something before buying stuff. Having them win something for a reward instead of something they cried about will make the appreciate the purchases you make for them more.
Yes I think this is a great idea because when I grew up nobody taught me things on how to save money or how to shop wisely. It will be good to teach them in before hand which will make them financially conscious and help them in the future
You are right keeping the extra off is a good way to teach our child about saving money. I have already taught that on my son because he is old enough sending him to buy groceries for us and I have taught him how to look for cheaper things on the market. He is doing great at his age and sometimes I am amazed because he finds stuff cheaper than I have found!
My parents never bothered to teach me how to save money or get the best bang for my buck, and I just learned all about being cheap and saving when I was about 10 yrs. old when I stopped bringing my own food to school and I started to buy my own lunch food. I think the kids will naturally just learn how to save on their own, no need to teach them about it.
Wow, I'm surprised that so many people were never taught about saving money and careful shopping. I guess it's because I had a good deal of instruction in that area when I was growing up. My mother was a very good teacher in that regard, and I'm certainly thankful for that. I think it makes sense to teach children good shopping techniques from an early start. No point in making them learn the hard way. I think I'm even more in tune with this kind of thinking now that my kids are older. Most are out on their own now, and I see how they shop. I'm proud when I see them happy about the good deals they found. They share their finds with me, and I share mine with them.
I guess the first concept I taught my children was to buy what we need. If there are something we can make it ourselves, we don't buy it. Hence my kids seldom request to buy toys, and we always try to make them ourselves, even though they look differently, kids always enjoy the toys they made. Even when we shop for something we need, such as groceries, we try to look for the cheaper. Now my eldest son will also help to check out the price, and tell me which is on sale or better to buy. I also told them, it's not only to save our money, but also save the resources of the earth.
