Encourage Children to Save 2

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. Challenge teenagers to build up their savings by offering a reward if they hit specific savings goals. For example, if they save $50 in three months, match it. Teens are able to distinguish between long-term and short-term goals and should begin having both. It may require opening two separate savings accounts. When teens have jobs, parents should discuss their expectations about saving a portion of earnings as financially responsible behavior.

Source: Bottom Line Personal, May 1997

 

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