Teach Your Kids To Save: 5 great tips

Photo credit: ES

With the way the economy has been going, it is more important than ever to teach our kids frugality from an early age.

5 great tips for teaching your kids to save:

1. Use a wish list. When your kids see something that they want, add it to a wish list. Review the wish list once a month. They will often lose interest in an item and agree to take it off the list.

2. Teach them to differentiate between “need” and “want”. They may want that shiny new toy, but do they actually NEED it?

3. Teach by example. When they accompany you to the grocery store and see you comparing prices and going for items that are on sale, they learn frugality and thriftiness.

4. Encourage activities that are free, yet priceless. For example, choose staying home and playing a board game over an expensive trip to the mall.

5. Talk about how much things cost and help them understand what it means. Most young kids are completely unaware of the cost of things, because they never pay for anything.

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