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If your kids have watched you couponing or budgeting, they’re probably pretty curious about savings and how you do it all, there’s no better time to teach them than the present! Teaching kids about savings is a great way to lay a foundation of knowledge for them that will help them be smart with their money in the future.
In this post, we’ll discuss a few ways to start teaching kids about savings and how to help them better understand all the couponing and budgeting going on around the home!
1. Explain WHY you do it.
If you’re a dedicated couponer, start by explaining why you coupon to your kids. Are you trying to save money for a vacation or a certain goal? Explain that while you are working and earning an income, that money needs to be put towards other priorities and saving money towards a goal can be easily achieved by couponing and setting a budget.
If you are just trying to cut costs where you can, explain the value of each and every dollar to your kids and explain the benefits of couponing and budgeting. Teaching kids about saving is easy when they know WHY they’re saving!
2. Lay out your routine.
Do you have a routine for savings that you follow every week or every month? Perhaps you draft your budget on the first day of the month and follow through with it every Friday? Maybe you set aside a specific day for coupon clipping?
When you start teaching kids about savings, it’s important to explain your routine to them so they can get involved and get some hands-on experience while learning! They can sort coupons by pictures or if they’re old enough, they can help you clip too.
Show them how you do everything and encourage participation.
3. Encourage them to set a savings goal.
To truly understand the value and necessity of savings, encourage your kids to set a savings goal for something they’d like to save up for. Whether it’s a new game, a new pair of shoes, or a gadget they’ve been wanting, ask them to set a goal and start saving up!
Encourage them to do chores around the house to earn money, and if they help you save some money throughout the week, perhaps consider giving them a portion of the savings to go towards their goal. Help them set up a savings account at a bank or a ‘piggybank’ style at home.
Teaching kids about savings takes a lot of hands on teaching as well as learning by example and this is a great way to get them involved!
When you start teaching kids about savings, what kinds of things do you include in your teachings? Let’s discuss!