![]() Avoid Borrowing/Debt – Kids should learn to work hard so that they can pay for something once they have all of the money – another important principle to help kids avoid debt.Which means they'll probably take care of it better, as well! Why not practice with money now!? If kids have a chance to work and save up for things that they want, they will appreciate it so much more. Delayed Gratification – Helping kids develop a little self control will help them achieve their goals in every area of their lives.This is a very simplified version of our 3-month rule concept that you can read more about HERE! Helping them save up money over a period of time will give them time to think long and hard and will also help them make sure it's worth their money. A Want Versus a Need – While they may really want something, it doesn’t necessarily mean that they need it.They’ll really help them to go further in life without the stress of pressing debt! Here are a few of the different concepts that you should consider when teaching kids to save money. As long as you’re teaching them how and why they should be responsible with their money, then they’ll have the tools that they need to be successful with money in their life! Note that “early” for some may be 3, while it may be 15 for others. So let’s help them out by teaching kids to save money at an early age. Saving money can be hard! That's why it’s important that we learn these principles as early as possible! It’s so hard to try to learn this once you’re an adult and you’re out on your own for the first time. ACCOUNT TRACKER PRINTABLE TEMPLATE HOW TOTo make it more visual and fun, grab one of these “Save, Spend, and Share” piggy banks so they can manually divide up the money and watch each fund grow! Got the picture? Now that you know the basis behind all of this, let’s get on to… HOW TO TEACH KIDS TO SAVE MONEY Take that remaining 90% and split it up evenly! 45% goes to long-term savings and 45% goes towards spending (or short-term savings). But rather than having 70% go to spending and only 20% go to saving, modify that! It’s still a really good idea to have them learn to be generous and put that aside for whatever cause they want to support. Kids are lucky in that they don’t have any bills that they have to worry about paying yet! (Unless they’re older and are helping to pay for their phone bill, perhaps?) So rather than doing the 70/20/10 rule, we modify it a little bit to help them learn to save, save, SAVE!!! (You still with us?) MODIFIED 70% RULE FOR KIDS 20% goes towards saving and 10% towards tithing/charity/etc. Designate 70% for spending, such as bills, mortgage, groceries, hair cuts, etc. ![]() Then, you divide that and figure out what 70%, 20% and 10% of that take-home would be. What in the hey ho is the 70% rule? Don’t worry, we go into muuuuuch more detail HERE, but here’s brief explanation for you!Īs adults, you would first figure out your take-home income. Teaching kids to save money is easiest done by showing them how the 70% rule works. Those may all sound like hard and scary things to teach them, but they’re really not! THE 70% RULE They need to know how to save their money for long-term goals, how to spend their money responsibly, and even that it’s good to tithe to the church or a charity of their choice. Our kids need to learn to be responsible with their money. So whatcha waiting for? Let’s get on to… TEACHING KIDS TO SAVE MONEY Keep reading for more tips on how to set your kids up for success! Plus, we’ve got a great printable that will help them to save for specific goals. This will set you up to teach your kids to save and spend their money the right way! Talk about money! Be an example of how to spend responsibly and even more important – how to save money. It's okay! Put that paper bag down and come learn how to teach your kids about money, the easy way! Start off by making sure that you are open with your kids. *Note: When you click the links in this post, we may receive a commission at no extra cost to you. ![]() In order to be successful in our world, kids need to understand how to use money! Money is going to be such a BIG part of their lives! That puts a lot of responsibility on us parents *Breathing in paper bag* We all want what’s best for our kids, that’s just a given! We want them to grow up big and strong, be confident in themselves, and go out into the world as capable adults. ![]()
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