Saving--how to teach it

[pcpost2]

Gone are the days of the ritual of bringing the young child to the bank and signing them up for their first savings account--with the fun little bank book and putting $1 a week in the savings account, making 5% interest. What are you doing to teach your child how to save?

[tinymommy]

Believe it or not banks are extremely involved with schools to help teach children the importance of saving $$. However as parents we have to do our part to teach them as well. Start out by giving them a small allowance (earning it somehow, chores are ideal)and set up a money chart next to their piggy bank for allowance deposit. Every time allowance is paid, together calculate how much money they have saved and mark it on the chart! This way they can see the saving process right before their eyes. If you want to make it a little more fun.... tell your child that for every dollar they save you will deposit 10 cents in their piggy bank every month! Good luck saving