| Teaching children to save money starting when they | | | | the world of the rich. People become rich through |
| are small is easy. Every child learns very quickly that | | | | saving and investing wisely, not by earning a great deal |
| money buys things they want. They already know the | | | | of money. The typical millionaire in America has |
| value of money, money concepts are taught in school, | | | | appreciated assets from years of careful investing |
| and the basic mathematics involved. Here a 7 simple | | | | and saving. Show your children how a frugal budget |
| tips to help you get them saving and investing. | | | | allows you to save more. |
| 1. 3 things to do with money. They can let it sit in their | | | | 5. Open savings accounts early. Take your children to |
| wallets and purses, spend it, or save it and watch it | | | | the bank as soon as they understand basic money |
| multiply. Drive to different parts of your city with your | | | | principles. Open savings accounts in their names and |
| children and point out different living conditions. Some | | | | go over the statements with them as they come. |
| spend everything and never get ahead. Others let their | | | | 6. Give your children choices. A big birthday party, for |
| money sit idle and it never increases. But the wealthy | | | | example, is expensive. What if your children would be |
| know how to spend what they need and then save | | | | just as happy with cake, ice cream and some games |
| and invest the rest. | | | | with their friends? Say something like, "A big party like |
| 2. Help your children set goals. Ask your children what | | | | we had last year cost $200.00. What if I put $185.00 in |
| they want when they grow up? Every child wants to | | | | your savings account and just spent $15.00 this year?" |
| be someone like a doctor or a fireman but what do | | | | Some of your children will still want the big party but |
| they want? How do they want to live? Do they want | | | | you might be surprised to learn that some will be |
| to be poor or rich? Help them set some goals early | | | | listening to you and will choose the savings option. |
| and explain that proper saving and investing is a huge | | | | 7. Time deposits. Since your children will not be |
| part of getting what they want. | | | | touching the money anytime soon, take advantage of |
| 3. Help put goals into action. Develop a rough financial | | | | time deposits for higher interest. This will give the |
| plan with them. This is great fun and you will learn a lot | | | | savings a boost and help you in teaching children to |
| by teaching them. If you have a financial planner you | | | | save money. |
| could introduce them to your children. This will help your | | | | Teaching children to save money should be fun. Let |
| kids see that saving and investing is serious business. | | | | them know this is for their future because you love |
| 4. Be frugal. If you have not already, read the book | | | | them. You will enjoy this time together. |
| "Millionaire Next Door." This really opened my eyes to | | | | |