For the responsible adult who thinks about being prepared for the future, savings are a fixed expense that is built into the monthly budget just like car payments and insurance. For most people, though, this habit does not come naturally. Teach your kids those saving smarts now when they’re young to help make it a lifetime habit they’ve already mastered by the time they hit their 20s.
Here are some conversation starters you can do with your child. A little math may be involved!
- Let’s say you’ve only got $15 and you want to buy a drone that costs $65. You get $5 a week as your allowance. How can you buy that drone?
- When did you wait for something and find that it was more enjoyable because you waited for it?
- Can you think of some things that Mom or Dad saves up for?
- If you earn $0.10 for every dollar you save, how much money will you earn by putting away $5?