Tag Archives: How to Teach Young Children How to Save Money

How to Teach Young Children How to Save Money

At some point, we realize (or we should) that our job as a parent isn’t just about providing food, clothing and shelter for our children, but it’s also about teaching them how to become responsible individuals so that they will be able to make smart and responsible decisions once they leave our homes as adults. One of the things we have to teach our children if we want them to become responsible adults is how to save money.

I’m not sure about your children, but my 4 ½ year old is beginning to understand the difference between a penny, nickel, dime and quarter. He doesn’t understand the value of each, but he is able to tell us the names for each respective coin. My husband and I have been thinking for a while now that we need to begin teaching him what it means to save money and the importance of it. After all, he needs to understand the value of money and how we have to work for it and save our money in order to afford the things he enjoys, right?

Most young children understand that before they can leave the store with a new toy, mommy or daddy (or whoever is with them) has to give the checker something first. They just don’t understand that it’s money or where it comes from or the value of it. This is what I want to begin teaching my son, because I know in a couple of years his “wants” are going to be more expensive and he’s not going to have an appreciation for them if he doesn’t learn how to save up for them and pay for them himself. Below are a few tips I found while researching how to help children start saving money.

Use visual aids.…