Should You Demand Your Child Save Money?

BY DEBBIE DRAGON

Today kids as young as five are receiving money on a somewhat regular basis. Between allowance money for chores and the gifts from friends and relatives for special occasions, kids often have a stockpile of cash burning a hole in their pockets. As soon as a $5 or $10 falls out of their birthday cards, they think about all the toys and candy that can soon be theirs.

But as a parent, you have an obligation to teach children about money and the importance of saving if you want them to be financially wise later in life. The earlier children start to understand what saving means and how to go about it, the more likely they will grow up to be more financially responsible.

Demanding your children save money may not go over well no matter what age they are, so it is important to do the ‘demanding’ in the right way and educate them on matters of money from day one. While pre-schoolers may not care much about the economy or their college fund, they can start learning the value of saving if you offer consistent guidance and encouragement each and every time they receive some cash.

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