5 Easy Ways to Get Your Kid Saving At Any Age

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5 Easy Ways to Get Your Kid Saving At Any Age Posted: 06 Apr 2011 04:00 AM PDT The most successful adults are those who know how to manage their money, as well as their spending, properly. Perhaps the most effective way to learn this is to learn the value of saving. Learning how to save is key in order to build a sound financial future for anybody. A financially savvy adult is not made in a single day, however.  They are cultivated through an unshakable set of values, years of practice and great parental examples. Why not give your kids a head start to becoming financially responsible and savvy adults, with these 5 easy tips to get saving? Photo: Lantzilla 1.     Open a bank account for your kids. This will give them something official to look forward to and start saving for. After their bank accounts have been opened, encourage your kids to fill up piggy banks, with the promise of taking the full piggy bank to the bank together. You can also make a big deal about going to the bank, marking it with a special trip to the ice cream store or some other small treat. Doing so will allow your kids to see that saving is indeed a good thing that can be cause for joy and celebration. 2.     Teach your kids to pay themselves first. As soon as your kids get their allowance, impose the “pay yourself first” rule on them. They should deposit at least 10% of that to their bank accounts, or even their piggy banks. This activity instills in your kids "automatic" saving, and it will instantly teach them to not spend everything they earn. 3.     Make it a habit to make lists while shopping and make your kids hold on to that list. A list helps the kids determine what you really need versus what you just want to buy. A list will allow kids to see priorities and will help them stick to an agreed upon budget, therefore eliminating the chances of unnecessary expenses. When your children see you with lists all the time, they will begin to form the same habit when they shop for the things they want. Unconsciously, they will also be learning how to set priorities and how to budget. 4.     Turn off appliances that are not in use and refrain from using appliances when possible. Saving doesn't only apply to money, it also applies to resources. When your kids learn to not leave the computer on standby, or to turn the lights off when leaving a room, they are also saving. Making it a habit to do these things will result in lower electricity bills, and therefore less expenses. 5.     Always plan major purchases ahead. Teach your children to never buy on a whim, be it be a big ticket item, such as a television or a computer, or something seemingly trivial, like party supplies. It would be good to wait at least a week before making your big purchase. There is always the chance that you change your mind and could want something else, or the chance that the item that you want be marked down. In both scenarios, you still end up saving! Sam Briones writes for SafeAuto, covering an array of topics from finding cheap auto insurance to safety tips

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