Need Some Ideas for Saving Money?

Need some ideas for saving money - especially when it comes to getting your kids to save?

As with any behavior or skill that you are trying to teach, you need to figure out what motivates them. Then the specifics of how and when they save can begin. But first things first.

Sometimes, what motivates a kid or teen in one area won't work in another. It depends on what is more important to them between the choices being offered. For instance, they may want to play video games more than they want junk food. But they want junk food more than they want to save money for something later.

It can be challenging and frustrating to figure it all out. Here are some questions to ask yourself (and maybe your kids) to help figure out what will work best for you and your kids.

  • How do your kids get their money? Is it on a regular basis? This could be through a weekly allowance or a job, but it needs to go beyond gifts for birthdays or holidays. Special occasions may provide some added moments for teaching, but they don't provide ongoing opportunities that are needed to make lessons stick. If you need help with allowance basics, click here.

  • What motivates your kids or teens? Are they more motivated by having things or doing activities with their family and friends?

  • Is your child a saver or spender by nature? What do they want to do with the money that they receive as gifts? Spend it all? Save - almost hoard - it? Even the tendencies of the youngest children are fairly easy to figure out. Take a look at this page for more on kid's money personalities.
Ideas for saving money work best when they are tailored for the kid or teen who is trying to save. Once you know their tendencies and money personality, you can move on to specific tips and techniques.

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