Teaching Kids the value of savings

I remember my son telling me to withdraw in my ATM every time he asks for money. For him my bank was a bottomless pit that I could get whenever I want. With a smile, it was then that I realized I had to teach my kids the value of saving up.

From then on I started, to give them their own piggy bank so they can put in their extra allowance with the promise that I would double up their saving come December. It was something they look forward to.

Growing up I was never really educated on the value of saving up. Probably because family was not that well-off and the money coming in was just enough for our daily expenses however, I came to realize that a person do not need to be rich to save up. In fact, your investment will bring you more cash flow than your regular income.

Cash flow and income may be profound terminologies for my children to understand so a simple piggy bank is the best way to start. I am a believer that children who learn to save at an early age will have a greater advantage in managing their finances when they grow up.

Aside from saving up, I also try to teach them to look for ways to get a good bargain when they buy their stuff. Like when they need to purchase a new pair of shoes, we try to look for scheduled “sale” or even gather coupons that offer a percentage off on any purchase.

It is never too early to teach kids the value of saving up, I know this will greatly help them when they grow up.