My son was finally able to open his first savings account. It was definitely a proud moment. He is only 4 years old, but it is never too early to get kids on the right financial track. We bought him a piggy bank last December and have been giving him various chores around the house to earn extra money. He primarily makes the beds, cleans up toys and puts the dishes in the dishwasher. Today, I would like to discuss what we are trying to teach our son.
Value of work. It is important to instill the concept of working hard. There are not no free lunches in this world and I really want to ingrain the notion that you have to work for a living if you want to get ahead. I strongly believe this will serve him well in life. As a father, I feel I have an obligation to instill these values and make sure to set him on the right path. I tell him all the time to take pride in whatever you do.
Discipline. By having him do chores to earn extra money so he could save up enough money to open a savings account has hopefully created a little discipline. I feel that discipline is required to succeed in this world. I know a lot of people who are smart, but lack discipline. These are the individuals who often struggle in society. Discipline can truly help you in so many other facets in your life; work, school, savings, working out, etc. Without this ingredient, I believe kids will have an arduous time functioning in this world.
Goal oriented. It took close to a year to save $50 dollars, but we continued to preach to our son that it takes time to reach your goals. He was so proud on the day he opened a savings account. That is a true commitment. I want my son to know that if you want something you have to strive everyday to meet your goals. Nothing happens overnight, but if you work hard and smart anything is possible.
How are you getting your kids to save? Are you showing them by example?