Teach Your Child to Be a Saver, Not a Spender

Is it predetermined that you will be a good saver or is this learned behavior? It dawned on me the other day that so many people have different ideas about how to spend and save money and I’m not really sure when this begins. How early is too early to learn about spending and saving money? There are at least a few things parents can do to start teaching their children about spending and saving at an early age.

Allowance is a Good Thing

I started receiving an allowance at a very early age. I was convinced my parents did this because they were tired of telling me that Barbie dolls don’t grow on trees, but of course now I realize they had other motivations. By giving your chil


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5 Responses to Teach Your Child to Be a Saver, Not a Spender

  1. Karsten says:

    This is SO important. Not only in regard to saving money, but also in regard to creating a future environment that is worth living in.

    At the moment too many kids are learning from their parents that consuming, wasting, polluting, having fun without thinking far, etc. is OK and turn into future wasters and polluters.

    However, if the kids learn that they will need to do this differently and find recognition for their frugal actions maybe, just maybe, they and their kids will have ENOUGH energy, food, and water to live a good life.

    Sooner or later we all have to choose between right and easy. In my opinion, it is better to teach kids what is “right” now rather then let them experience later the results of choosing “easy”.


  2. Christina says:

    Is there such a thing as “overdoing” including children in financial discussions? Because my six-year-old told a supermarket employee he was saving to pay for our house…

  3. Zook says:

    Sadly Christina, with the kids folks are having these days, 6-years old is probably not early enough to have them learn saving.

    Kids should be taught the importance of saving and finances right from pre-school. Just beginning to talk about money and how much the toy cost and food cost and what happens with mom and dad’s paychecks. It is VERY important and not enough youngsters are getting the clue. The cycle isn’t being broken and it is a shame, it is getting worse in my estimation.

  4. Anwar says:

    Oh, yes, I agree. We have 5 children, from ages 22 – 7 years. My wife and I, are concerned about ensuring our children do not get used to just putting out their hands and expect money to be there.

    We have a fixed allowance plan in place for the 2 elder kids and will be starting the next 2 children on an allowance next month.

    (Actually, we even have a “pledge” signed by the 2 elder girls that they will save 10% of the allowance. Sigh…..it is not happening yet.)

  5. mab says:

    Zook is absolutely right about starting young!

    In fact, I had a totally spontaneous (and touching) conversation with my daughter, 3, this morning. She asked me, “Why do you work daddy?”

    Instead of telling her I *had* to work, I told her that I enjoy what I do and my boss gives me money for doing it. And we use that money to buy things we need and want like groceries, the house we live in and toys we play with.

    She sat silently thinking for a minute and finally said, “And apples! Mmmmm…..”

    Got to love kids.

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