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What Are Your Kids Saving Money For?


Authored By: Halee Niemi on 3/28/2019

 

What Are Your Kids Saving Money For?

Did you know that many money habits in children are formed by the time they’re seven years old?

Saving money is a habit that can take years to build. Whether your kids want to save money for the new “must have” video game or your 10-year-old wants to save for an awesome sound system for their first car, and not the car itself, it’s important to introduce the value of a dollar as early as possible. 

However, teaching your kids how to make life long saving habits can be down right hard.

So, to help you get started, here are a few questions you can work into your daily conversations to teach your kids the value of a dollar and to get them thinking about saving money.

Do you need the new Fortnite skin or do you want it?

Have the talk between wants and needs and put their wants and demands into perspective.

You needed a warm coat to wear during the Polar Vortex…. You want a new Fortnite skin.

The “LOL Surprise Doll” you put in the cart costs $9.99, after tax the total is $10.59. If you pay with the $20 you saved up, how much will you have left over?

By asking them this, you’re not only asking them to practice their math skills, you’re also bringing to light that their favorite toys don’t just show up at home… for free. 

The bill at Buffalo Wild Wings is $45.62. How much do I need to leave to give her a 20% tip?

As your kids get older, it’s important to teach them how to properly leave a tip at a restaurant so they can pay accordingly when they start going out with their friends, and no parents are allowed to come with.

It’s also important to show them that the total cost of going out to eat is more than just the total they can add up on the menu. Factoring in tax and tip will show them how quickly eating out can add up.

If you mow three of the neighbor’s lawns and get paid $10 for each, how long is it going to take to buy that $60 video game that ALL of your friends have? 

A great way to get your kids really invested in thinking about money is to start having them work for it. They’ll begin to understand that the things that they want and need don’t come free.

Not only will you begin to teach them to start saving money, they’ll also learn the value of hard work that will help them at their first real job. 

 

Learn more: Set your kids up for a successful financial future with Honor's Youth Savings Accounts, today!

 

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If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800.442.2800 for assistance. All products and services available on this website are available at all Honor Credit Union full-service locations.