Teaching kids the importance of saving money

Teaching the value of money is important, but where do you start? Here are some great ways to get going.

Needs vs wants: Explain that needs are required for survival (food, clothes, rent, etc.) and that wants are nice to have. You want candy, but you need food.

Watch money grow: Using a clear piggy bank or jar is a great way to watch how quickly a penny here and a nickel there can add up. 

The value of money: Doing chores to earn an allowance teaches kids how money is usually earned with hard work and rarely given out freely. 

Set a saving goal: When your child wants a treat, try to explain how long it will take to earn money to purchase it, and then help them save for it.

Discourage impulse buying: Illustrate how impulse buying keeps people from making their goals.

Bank on the future: Help your teenager open and manage a bank account and encourage them to use it to help save.

What have you taught your kids about money? What did your parents teach you? Please share your tips, or put your unique spin on ours. We want to hear from you!