A few weeks ago, my son’s first bank statement came in the mail. It was a proud moment and one I will never forget it. We immediately created a binder for him to put the statement in. Even though he only made 2 cents on his savings account it was an important first step toward understanding the value of money. As a parent, we want our kids to make the right decisions. As I try to lay the foundation for financial frugality, I will always try to make it fun for him.
Show excitement! When that bank statement came in the mail, I tried to make it look like a big deal. I want my son to be proud that he is saving. Not everyone has the will power or motivation to save and I want him to take pride in that accomplishment. By making it fun, I hope that I am able to instill the value of frugality.
Establish good money habits early. I think it is so imperative to start these money saving habits early on because it lays the foundation for future success. I have always been a creature of habit and I think part of the reason I have been successful toward saving money is I started relatively young. It is simply a way of life now. I want that for my son.
Having a savings account will help him establish goals. Nothing happens over night and I believe having a savings account will help him understand the importance of short-term and long-terms goals. These habits should transcend into other facets of his life. I strongly believe my money savings habits helped me become a more discipline student while I was in college. Honestly, discipline is probably the most essential element toward reaching goals.
In the end, make savings money fun. If you are able to make it more exciting, your kids will do it. What games or activities do you to help develop your children’s financial literacy? Your opinions are always encouraged.