| Hot topic: Strategies for teaching children about saving money?
"My almost 13 year old daughter has started babysitting. She’s always been a decent saver in the short term. She has saved over $150 with her allowance and birthday money to buy an IPod or music on ITunes or helped pay her half to camp. But she doesn’t have a “long term” savings account for things like a car, for her education, etc. I am wondering what other parents do and how you go about teaching your children the value of long term savings.
I have found that most successful parenting strategies with young kids focus on the immediate. There are immediate consequences (good or bad) that reinforce the lesson. But it’s hard to do with savings isn’t it? It’s really hard to show her the “value” when interest rates are at 2%. Should I help her establish “rules” around money or simply let her have the freedom to spend it as she sees fit and work to point out the ramifications. Do you guys “force” your kids to save part of their earnings and do you have input into the use of those funds?
Do any other parents here have a philosophy or successful strategy on teaching teens money management and savings? I would love to hear some ideas.
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miltonthetoaster, "Strategies for teaching children about saving money? " Posted in Your Money.
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Last updated 11/24/2009 5:30:15 PM (ET).
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