Encourage Children to Save

Encouraging children to develop the habit of saving is one of the greatest gifts a parent can provide. A regular habit of saving is one of the most difficult financial habits to establish in our culture of instant gratification. Parents who believe in the benefit of saving need to focus on strengthening the habit rather than the size of the savings. With young children treat saving as a form of collecting. Make sure the piggy bank is see-through so the child can see their savings add up. Have the child save for a specific item and tape a picture of it to the child’s bank. The item should be inexpensive enough that the child will not give up before reaching their goal. Make a big deal out of it when the goal is reached and don’t delay in taking the child to purchase the item. Reinforcing the reward aspect of saving goes a long way to establishing the saving habit.

 

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	Web site coordinators: Jamie Thompson Sandra McKinnon Site evaluation: Cynthia Crawford Last updated: March 09, 2005	Web site established by: Kate Akers Mark Belwood Cynthia Crawford Sandra McKinnon Diana Hammond

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