Teaching kids about savings money

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Piggy banks can introduce small children to the idea of saving money,there nothing wrong with forming the habit of dropping pennies into the bank,without thinking about what they will be used for. But saving takes on a whole new importance when you have agoal in mind.

Savings for a goal can inspire children to take control of their spending habits and plan for the future.
This is something that children are not born with ,and they learn it very slowly, 5 - and 6 - years olds may use words like month and year ,but they can't really imagine what it means to live through those time periods. 12 - and 15 - years they old ,they may not understand time in the same way as adults do.savings for a goal may help children help learn to plan in otherways. Older youth can learn to save for clothing ,electronics,vacationsand college.
When your children have gained some experience in handling money,it is probably time for them to open a savings account .choosing a bank or other savings institution can teach them a lot about the world of money. Help your children comparison shop for a good interest rate.helping children learn to save for specific things can be a valuable experience .they will learn that if they dont fritter away their money on many small purchase,they can afford more expensive things later.

When chidren begin setting goals, be sure you guide them but do not set goals for them..