Teach your Kids About Saving Money Kritika Ponia April 24, 2012 Parenting It is important to teach your kids the value of money and surely, the sooner you start incorporating saving habits in them, the better. The experts say that you shouldn’t wait too long before beginning your lessons. In fact, you should start off as soon as they look at the money in your hand and ask for it – which is at a very early age. They may not even know the importance of money at that age but they sure begin to understand that it is something that can bring them things they want. Mind you, kids are very sharp. Here are tips to help you teach your kids how to save right from when they are toddlers: 1. A piggy bank: Yes, this is very obvious but it works! Get your baby a piggy bank. In fact, getting him three is even better – one to save, one to share and one to spend. That way, your child will not only learn how to spend, he will learn how to share and be a good person as well as save. 2. Firm: If you want your kid to learn something, it is important to get firm at times. Don’t keep offering money as bribe to your kids. Your kids need to know their limits when it comes to money and you have to be firm enough to inculcate that in them. 3. Grocery shopping: Take your kids along and let them learn how to shop wisely. Lead from the front and be an example to your kids. Your kids will learn why saving is important and they will also be good at shopping and comparing prices as they grow older. 4. Talk and explain: Talk and discussion money matters with your kids whether it is about saving for a DVD they want or something else. Explain how money matters work. Tell them that credit cards make life easier but in order to use them, you need to have money in the bank. 5. Role model: Your kids will grow up looking at you and learning from you. That is why it is important that you set an example. Only when you save money will your kids learn to do so. Practice before you preach and teach your kids right.