As a single parent we all know money is tight. There are so many ways to save money, but isn’t it so much easier if it is already a habit? By teaching our children the importance of saving we are giving them the tools they will need as they get older and having to deal with finances on their own.
When we were young we never had an allowance. I remember feeling so jealous of all my other friend’s parents handing them money every week. If we wanted to earn money we had to work for it. We had regular chores that we did around the house. If we did extra we got paid. If there was a toy we wanted we learned to save our pennies. This helps our kids to see that money doesn’t just grow on trees. They have to work for the things they want, just as we do in the real world.
This process teaches them so much more than just money. They learn the value of hard work. We live in an age of entitlement. Kids are thoughtlessly being handed things left and right. They are becoming lazy and for many children their work ethic is lacking. When we make them work for the things they want they learn to appreciate it that much more.
Some kids struggle with this concept more than others. You have to find the right things to motivate them. Every child is different; you may have to try a few different approaches before you find the right one to help your child understand what you are trying to teach them. Once you’ve found something that works it isn’t really so difficult. Even my three year old is practicing saving his pennies. By teaching them young you are giving them a head start. Once they are out in the real world they don’t have to worry because they’ve been practicing this for years! They’re already an expert!