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Here Are 6 Ways to Teach Your Kids About Saving Money

Modified on March 17, 2023 at 6:38 PM

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Money makes the world go around, so it’s a crucial concept that your child needs to understand. No matter their age, you can communicate with them about money on a level that makes sense. Every child can comprehend the benefits of savings. You can teach them how to save their money to take care of themselves when they’re older. When they’re equipped with financial literacy, they’ll be able to tackle their future without much trouble.

1. Show How Investments Can Help

Investing and saving are similar ways to grow your money over time, but they have different nuances. Investments are a great way to build your wealth and feed into something larger than yourself. Your child should recognize that investments shouldn’t be a get-rich-quick scheme. Rather, they should be considered a long-term solution to build wealth that will help them in the future. 

The market can be volatile at times, so you must communicate with your child that they won’t always see net gains with their money. However, it’s bound to appreciate over time, so investing is still a worthy use of their income.

Show them your investments. Make a point to look at them every day after the stock market closes. This way, you can show your child how their investments may fluctuate from day to day but still appreciate over time. It also demonstrates to them that they don’t need to panic in the future if it looks like they’re losing money on their investments.

2. Open a Bank Account

One of the best things you can do to set your child up for the future is to open a bank account for them. A bank account — specifically a savings account — will teach them the value of saving money over time. Interest can multiply rapidly, especially while they’re young. The compounding interest may be a draw for your child to continue saving. After all, when they put more money in, they will get more out of interest.

3. Be a Role Model

Your child will look to you for habits they should work on, from money to life goals. To show them how to properly handle money and savings, you’ll have to model good behavior for them. If you’re part of the 96% of Americans who pay their bills when due, you’re already showing your child how to be responsible with their money. You can show them all the options, like automating bills using technology, to work toward success.

You can also be a great role model by demonstrating how achieving financial goals is possible. Inform your child when you set a new goal, no matter how small it might be, and let them know once you’ve achieved it. It’ll be the best way for them to see that patience pays off. They’ll know that if you can reach your goals, they can as well.

4. Teach Them About Credit

If they’re old enough to understand the concept of credit, you must teach your child how to handle credit cards correctly. As they age, their credit will be essential to several things, like getting a loan or purchasing a home. If they know how credit cards work when they get their first one, they’ll be less likely to spend irresponsibly.

Show them small ways to increase their credit over time. Emphasize the importance of paying fees when they’re due and not letting them run over — lest it has disastrous effects on their credit. Teach them there’s always a way to build their credit back up, just in case they make a mistake. You might even research credit cards with them to help them pick one out once they’re old enough.

5. Work on a Budget With Them

Budgets are essential, no matter your income level. They show you where most of your money goes and how to reduce purchases to achieve future financial goals. A budget journal can help you keep track of anything from tracking purchases to fixed expenses, and it can make you feel more responsible with your money. Getting your child a journal to track their money could be a great way to teach them the value of a dollar and why saving is important.

6. Answer Their Questions

When your child grows up, money will be an important asset in every area of their life. They’ll likely have some questions about how money works or what they could use it for. Have an open, honest discussion with your child about finances. Explain how saving money can help put them in a more comfortable position than if they spend without a thought.

Your child might have questions about your finances. It’s best to be honest with them. Were there any financial mistakes you’ve made in your past that you want them to avoid? Tell them about it. Your child can learn from your mistakes and be better off for it.

Teach Your Child the Ins and Outs of Savings

Saving money is an essential part of being an adult. Though it can be tempting to spend your money on something frivolous or an item you think you need right away, take a step back and put the money into your savings instead. Teach your child that the impulse will pass and that there are healthier ways to deal with complex emotions than through retail therapy. When they learn the many benefits of saving their money, your child might be more willing to spend smartly.

Related posts:

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Posted By The Fashionable Housewife
on March 17, 2023 at 6:38 PM
Filed Under: Finances, Homeschooling
Tagged With: finances, financial planning, how to save money, money, money advice, money saving tips, save money

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
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This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
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No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
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The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
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Considering he was my 6th child, it's possible he would have been here by now. It’s been extra hard for me this week. 

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Those who haven't experienced loss tell you that "Don’t worry! Things will get better, just focus on the positive!" but people who actually know this grief and what it actually feels like to lose a baby, won’t tell you that. They know this hard road. They understand that unfortunately you don't just “get over it.” 

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
Kids love helping if you just let them!💁🏼‍ Kids love helping if you just let them!💁🏼‍♀️

This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
When your toaster breaks from a power surge you ta When your toaster breaks from a power surge you take that as a sign that it’s time to upgrade! 🤪

It wasn’t hard to pick a new 4 slice toaster. As soon as I saw this one from @haden_usa I added it to my cart. I bought it from @lordandtaylor because it had the fastest shipping and I didn’t want to wait! 

No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
I’m obsessed with these leather booties from @en I’m obsessed with these leather booties from @enjoiya! 💃🏼 

The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
All the poop shoveling doesn’t seem so bad with All the poop shoveling doesn’t seem so bad with the prices of eggs right now! 🤪 🐔 🥚 

Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

#momlife #crazychickenlady #homesteadlife
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