Q:

What are some tips for kids on how to save money?

A:

Quick Answer

According to The Mint, teaching kids about saving money includes setting savings goals, thinking about saving first rather than last and being smart when shopping. A good way to teach kids about savings goals is to help them buy big-ticket items. However, parents should set a goal that the child has to reach with his own money before the parents pay the rest.

Continue Reading
What are some tips for kids on how to save money?
Credit: Tooga Stone Getty Images

Full Answer

The Mint goes on to explain that teaching kids to be smart shoppers is an important part of teaching them to save money. When kids decide what they want to purchase, parents need to teach them the benefits of searching around and checking prices at other stores. This teaches kids the value of money and the importance of not always settling for the first thing they find.

According to Choose to Save, another way to teach kids to save is to have them pay attention to the prices on menus when they go out to eat. At the end of the meal, share the bill with them so they can see how the cost of everything adds up, including the tip and tax. Doing this teaches them that there is no such thing as a free meal.

Learn more about Financial Planning

Related Questions

Explore