All of last week, we spoke about educating our young entrepreneurs (our children) about money and wealth management at an early age.


As kids grow older, they will eventually learn about money with or without your help. However, if you make a conscious effort to teach your children about money, they are much more likely to value it. By giving your child a financial education early, you can help them learn to be responsible with their cash. You also can help them escape the belief that parents have unlimited money if you talk to them about how much things really cost and where money comes from.


In addition to talking to your kids, you can show them by introducing them to the idea of comparing prices and products, and also by having them interact with you at the grocery store or actively save for something at home. In most cases, the more practice that kids have when they are young, the more likely they will actually be able to hold on to their money later in life. The most important thing at the beginning is to make saving fun and here are a few ways to get started.


Use Different Envelopes/Jars

On either envelopes or jars, have your child draw pictures of what he or she wants. You may also want to help your child understand that some items will take longer than others to save for.


For example, the short-term savings container might have a picture of a specific toy, while the long-term container might have a picture of a trip to Disneyland. Teach your child to set aside money for short-term and long-term goals, and have another container or envelope for spending on everyday items.


Make a Savings Goal Chart

Once you know what your child wants to save for, figure out how many weeks it will take and make a chart. You can represent each week with a box and your child can put a sticker in that box once the money from that week’s allowance is set aside.


For example if a child wants a Transformer toy, put a picture of the toy on the chart.  Figure out how many weeks of allowance it would take to save up (after long-term savings, church donations and everyday spending are taken out). Every time they receive their allowance, divide the money up and put a sticker in a square.  This way, they can see themselves getting closer and closer to their goal.


 Offer Rewards for Saving Money

Consider rewarding your child for saving his or her money such as t-shirts and other gifts.  For example, if your child doesn’t spend any money for a certain period, provide a small reward or treat. You can also make the gifts better the longer your child saves. Try an extra 1/2 hour of video games, toys, or whatever motivates your child.


 Set a Good Example

One of the best things you can do is let your child see that you save money too. Put money in a jar while your child is watching and tell him or her it’s your savings jar. This will show your child that saving is “normal.” Plus, since most young children want to be like their parents, seeing you do it will provide them with money lessons that further inspire them to save.


Match Your Child’s Contributions

A “savings match” can be a great way to encourage your child to save extra while you may have a  standard amount that your child is required to set aside from their allowance, if their choose to save more…Match it!


We are hoping to introduce a piggy bank which is divided in four categories: Saves, Spending, Donations and Investment.


Be sure to join our Facebook, Instagram, Tiktok and our Website for more valuable information.  Ask about our Business Startup Kit, Retainer Package,  Year End Retainer Package , Business Bank Account or learn how manage your finance with our Prerecorded and Live Courses.  Book a FREE 15 mins CONSULTATION on Fridays from 1pm to 3 pm.

“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki