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Teach Your Kids To Save For Their Retirement Now
By Debby Banning
As a parent it is your role to teach your child how money works. Your child must learn that work = money. A small investment for your child while he/she is young could make them a lot of money for their retirement.

If your child is taught how to make and save money from early childhood, they will be a lot less likely to have financial problems when they become young adults. They need to learn the power of investing early in life.

Teach your child to be comfortable enough to come and talk to you about money. Teach them how money is going to impact their lives.

Modeling for your child is the best way to teach them. If they see that what you are telling them is working for you, then they will know that it will work for them. Don't say, "Do as I say, not as I do. "

Learning the concept of earning money is an important lesson to learn early on. Make a list of chores with a price next to it. If the child takes the dog for a walk then he will earn .50 cents.

The best way for your child to comprehend money is using real life examples. They need to learn how to count money, once they have the hang of this, the lessons really


start to roll in. Let your child pay for his/her own item at the checkout lane. Don't say, "Give me your money and I will pay." They need to see the money they earned coming out of their pocket and being handed over to the cashier.

Buy three piggy banks and line them up on your child's dresser. It is better if they are clear so that they can see their money grow. When they earn money they need to split that money up between the three banks, one for saving, one for spending, and one for helping others. It is very important to teach your child to not be greedy with their money. The act of giving is very good for your sole. It makes you a better person.

The act of placing this money in each piggy bank isn't just a lesson of the month. They need to be taught to save money over time, as they will need to save for the rest of their life. This is an ongoing lesson for them. This will help make their character.


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This page was updated on Nov 2009 and is Copyright © 2003 by Global Com Consulting Inc.