Teaching your children’s to save money

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Is easy to give our children’s wherever they want named I pods, cell phones, remote control car, etc., and is hard to say no, I consider if we tech our children’s the value of the items, and they can purchase by them self, will create more concuss to them, and no only ask fore item when they really not want.

If they buy they own toys, games, dolls or any candy, they think two times before buy them because they money is going away very easy, and spend time to save that to spend on that item that they may only will play one time.

Items needed

– We need 3 jars or 3 piggy banks or 3 envelopes

– Sharpee marker or labels

Steps:

–         Label each jar; in one jar you can put saving for spend, and the other, savings for bank account, and the last one for charity.

–         After you label the jars, you and your child can set up the amounts to going in each jar for example in the bank saving account jar, we put the half of the money we receive from allowances, in the jar for charity the 5 % to 10 % of the half left; and in the jar for spend the rest of the money.

–         When you take your children’s to the store, remain them to take they spend money with them, and explain them that is the only money they have at this time, so they need to make sure they only buy anything they want on that range; if they want something more big, they have to save that money and came back when they have that amount of money (make sure explain they have to pay taxes on the item they purchase).

–         Set goals with them; start with something simple and easy to achieve. For example: if they want a remote control car or a specific doll, check the price, calculate the taxes and tell them how much it is for the toy, every week help them to count the money they have for expend and how much money they need to buy that toy (you may need and extra jar for); if they want to earn money to get that item, I suggest give a little job like pick the sticks in the yards or any little job they can do, no over pay them.

–         After they achieve the goal set another and other so they can achieve.

–         Tell your family about your project with your child, and if they will give them some money, they can deposit half on they savings accounts and give them the other half.

–         Take your child to deposit they money in they own saving account every week or every other.

–         They can choose where to send the money for the charity that helps them to learn to share.

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