Children save money based on the way they have been taught to value it. Those who are taught the value of a dollar at an early age become better at saving than those who have not. Most kids enjoy having their own cash to spend just as they wish.
A great and exciting way to teach your child the value of cash is by talking to them, and purchasing a piggy bank. Piggy banks can be bought in many different types of styles and designs. The best to start your child out with is a small and see through bank. This will allow your young one the opportunity to see their money when it goes in and how much it builds over a period of time.
Most children will find this fun to watch, and will want to put more cash in than take out. As they put the change into their bank teach them the value of each penny, dime, nickel, or dollar. It is important they know that know matter the value of the funds it will all add up one day to purchase what they want. Guarantee them that at the end of their saving they will be allowed to make a purchase on their own.
Your child may want to keep their bank where you cannot see it. They may want to choose a special secret place to store their bank. This is perfectly acceptable, but do tell them they are not to go into the bank until a specific date. It is great to give them their banks and allow them to keep in in their rooms, but keep an eye on their spending habits to make sure they are not going in the bank without permission.
All children collect and keep cash differently. Most will have their preference of what type of cash seem to be more valuable to them. Allow them the option of choosing what they want to save and what they do not. Some may tend to favor silver change and some may favor paper dollars. But as long as they know in the end it will add up it is perfectly alright for them to do this. Although saving change tends to be easier for most young ones allow them to make the final decision.
Once they have completed saving their cash allow them to make the decision whether to keep saving or go and make a purchase. Regardless, of what they decide honor their wishes. Make sure they understand about taxes.
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Article Added on Tuesday, May 24, 2011
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