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Growth Hack #11: Teach Kids to Save for their

Future

Today is the eleventh part of afterschoolAE pare ti g series alled Gro th Ha k , a d to celebrate the incoming season of gift giving, we are going to discuss how parents can teach

their kids to save up money for their future. These are easy to implement tips and tricks that

can teach your kids the importance of saving up and thinking ahead of time.

Where is the money coming?

Either you teach your kids to make their own money as early as possible or teach them how to

save a portion of the money that you give to them. All kids should learn the value of the hard

earned money while they are young.

Giving them chores to complete in exchange of small amount of money is always a good idea in

teaching them the value of hard work. For example:

1. I always ask my 5 year old daughter to put her toys in a basket where we keep it after use

and keep her bedroom neat and organized. At the end of the week I give her an extra on her

allowance for her hard work on keeping her bedroom clean.

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2. My 7 year old son is responsible on some simple house chores like putting the used plates on

the sink after dinner and feeding our cat every day. For his allowance, I add a dollar or two as a

reward for his hard work.

Encouraging kids to save up

Kids eed the e ourage e t fro their pare t’s i order to lear the alue of sa i g for future. If we parents will just sit out and ignore this one simple fact, we might be too late to

teach our kids basics of money.

DIY envelopes and jars – One simple way to encourage your kid is to create a DIY jar or

envelope where they can put their money. Family experts suggests that parents should ask

their kid to dra his or her goal to uy o the jar or e elope. May it e a lo g ter or short ter goal, it’s al ays i porta t that kids k o hy or to hat for they are sa i g their o ey.

Save up together – The most overlooked formula on saving up is that it can become a X2 effort.

Parents should set an example and save money too. If your kid can save a dollar for the week,

we should match it or double it to encourage them further.

Open a bank account (joint or kids club money savers) – To let our kids experience banking on

their young age is important on teaching them the basics of money.

Teach your kids the importance of priority – We should never forget to teach our kids how to

setup priorities. We a let the ake si ple fi a ial istake ut it’s al ays i e if e a remind them the importance of setting goals and priorities.

In Summary

Saving up money is always a win win situation for everybody. We parents have a responsibility

to teach our kids the importance of saving up. We need to pay for this and that in order for our

home to function, the greatest way that our kids can help us financially is that they learn the

value of a hard earned money and save for tomorrow.

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