Teaching Your Kids to Save 101

Feb 5, 2018

Do you fantasize about raising your kids to be financially successful adults? At the very least, all parents want their children to become independent grown-ups who know how to spend responsibly, live within a budget and save for the future.

How do we get there, though? How can we inspire a healthy attitude toward money in our somewhat impulsive and irresponsible children?

Right now at Widget Financial, parents can setup a Kidz Club Account for their children to help teach them financial responsibility.  Every time they deposit $5 or more into their accounts they will receive a punch on their prize card. This will help children learn that saving money will help them in the long run.

When discussing money with children, it’s important to strike the balance between honesty and TMI. You don’t have to tell your kids exactly how much money you make but there is some truth you need to let your kids know.

It’s best to start teaching children at a young age how to be financially responsible. You will need to teach your children about money management concepts like saving, debt, spending, insurance, and more. Expanding each concept as your children age will allow them to better understand saving, debt, spending and much more.

For example, if you’re talking to pre-school age and elementary age you will change how you explain things compared to how you would teach kids in high school about being financially responsible. As your children get older, you will be able to go more in-depth with financial topics. Also, by teaching your children about financial responsibility you will be able to learn with them!

Your Turn: How do you help your kids understand money and finances at varying age levels? Share your tips and tricks with us in the comments.