Saving money can seem like a hard thing to do – especially if you’re just starting out. That’s why it’s important to start saving early. Showing children how to save for the things they want and need could teach them habits that will save them a lot of heartache in the future.
You can learn while you teach by making saving a family matter. Studies have shown that having someone to hold you accountable to your goals will help you stick to them when it gets hard to stay motivated. And what better partners are there than your family?!
Here are five tips for getting your family into the savings game:
- Make a family savings goal. Do you want to buy a new game system or take a trip to an amusement park? Whatever your goal is, decide on it together, and determine how much you’ll need to save to make it happen.
- Start small. Commit to saving all of your coins in a month – every single penny – and putting them into a family jar. At the end of the month, see how much you’ve saved and mark off how much further you need to go to get to the goal.
- Hold a yard sale and add the proceeds to the family fund. The kids can choose which of their items they’re willing to part with, too.
- Practice delayed gratification. Skip the movie theater this month and rent a movie instead. The savings could go into the family fund and teach kids that waiting until you’ve earned a reward is worth it!
- Remind yourself of the why. The excitement of a goal sometimes wanes as you get further away from the moment of inspiration. Put up reminders around the house so that your family can remember why they’re doing what they’re doing.
Remember that having a goal without a plan is just wishing. Put some action behind that wish! Download this worksheet to help your kids reach their savings goals. Your family could have a great time working together – and your children could learn great savings habits in the process!
This entry was posted on Monday, July 21st, 2014 at 3:48 pm and is filed under Primerica, Tips, Wallet Wellness. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.