Teach Children Saving Money Habits

Teaching children good money habits will have life long benefits. Although the techniques may adapt to your child as he or she grows, most children learn through observation and example. Here are some tips for helping children learn about money:

Guide and advise – but remember children learn by their own mistakes and successes.
Include the whole family in money management.
Explain to children, monetary limits and why they cannot be violated.
Let children know that parents limit their own spending too.

It is also important for parents to explain in a concrete way how money works in the real world, and how thoughts and feelings weight into decisions; as well as how money is earned, spent, donated, shared, borrowed and saved. Because children generally start receiving money at a very young age, a great gift idea and opportunity for a fun way to save is by using a piggy bank.