Teaching Kids to Save: Re: Get Kids in the Habit of Saving Early, Not Late!

» Red - Re: Get Kids in the Habit of Saving Early, Not Late!

In response to message posted by sam90031:

Kirk and Sam,

I agree. Parents and grandparents should start teaching children about saving from the time they are babies.

When I was young, Dad gave us a quarter allowance once a month when we went to town. (we lived in a rural area.) When he gave it to us, we had to put one dime in an old baby powder can. The rest we could use as we saw fit. When the baby powder can was full, Dad took us to open a savings account. We thought it was a big deal to have our own bank book. I loved seeing the balance in that book go up. I would take it out several times a month and look at it.

When I started my first job, I got 65 cents an hour. That wasn't much, but I still put money away and paid Mom my board before I took any for myself. Dad sure made us accountable for our money and taught us that credit cards were not the way to go. Though he had one, it was only used in cases of dire emergencies. Dad taught all three of his kids good financial sense.

When my grandsons were born, I bought them both banks. They are now 8 and 6 and have banks full of coins of different denominations. The younger one doesn't save as well as the older one, but I guess that is to be expected. Then again, he may never save as much as his brother. But at least I know that they have been taught about finances since they were very young.

Thanks for bringing this message to parents and grandparents. It is one that children need to know.

-- posted by Red