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Teaching Your Kids How To Save

July 03, 2012

Teaching your kids how to save for the future is one of the most valuable gifs you can give them. Here are the four “Ms” of getting your kids into a habit they can live with:

  1. Model the behavior. “Do as I say, not as Ido,” is almost always an inefective strategy. Ifyou want your kids to learn to save, you can’tspend every penny of your income every month.
     
  2. Make it automatic. If you provide anallowance, specify that some percentage of it must be deposited in the child’s saving’saccount at the Credit Union.
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  4. Motivate with matching funds. Set up a40l(k) type fund. Agree to match a portion of whatever your child is saving. For example,if your child earns money for doing extra chores around the house or gets money as agif, agree to match part or the entire amount.
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  6. Make it a family afair. Decide on a goal.It can be big or small: a vacation trip to Disney World or a new video game. Make a pact thatfamily members will save funds, accordingto their abilities, until they have saved enoughto reach the goal. Place money in the containerdaily or weekly, and then bring it to the CreditUnion as needed to deposit in a special saving’s account.

Teaching your kids now about saving will develop life-long learning skills that will help them down the road when they need to start saving for their frst car, for college, or even for their frst house. It’s never too early to start saving!

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