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Teach Your Kids to Save Up for Their Dreams with These 5 Tips

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There are a lot of things we need to teach our kids over the course of their lives. How to eat food with a fork, how to tie their shoes, even how to walk! Everything builds up to them being confidant, self-sufficient, and good human beings.

There are a lot of things that we can try to teach them ourselves, but they can only learn through their own actions. One of those things is how to save up money for their long term dreams. You can show them how to save money on things like making their own pizzas instead of constantly ordering from big stores, or how to buy second hand, good quality clothing, but ultimately, they have to learn by doing. Here are five tips to help you teach your kids how to save up for their goals!

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Small Steps

Just like when they were learning to walk, it takes small steps, and a lot of falling, before you can run full speed. Make sure your children understand that big goals require lots of tiny details, and lots of little actions. By helping your child fully comprehend how many steps, days, hours, details can go into achieving a big goal, then you are setting them up for long term success!

Organized

Children aren’t going to be organized, but they can certainly learn how to stay on top of their goals by watching you stay on top of yours. Through staying organized in your own dreams, planning ahead, and living through actions, you can teach your child how to save money.

A good example for organization is budgeting into savings. You can set up one of the best savings accounts for kids and show your child how a portion of your salary, or their allowance goes into that account periodically. Organize how it will be saved, how often there will be a deposit, and your child will slowly understand how staying organized for the long-haul can pay off!

Failure

If your child fails, it’s ok. We hear so often it’s not about the fall, but how we pick ourselves up after we fall. If your child sets a goal, fails to accomplish that goal, then that is certainly a great opportunity for you to help your child understand how to change their actions. Help them to truly know why they failed, how they can change, and what they can learn from that failure in order to accomplish their goals.

The Little Things

There are lots of other ways to teach your child how to save their money. No matter their age, or their understanding of savings accounts. Here are a few little things you can implement in order to teach your child about long-term goals:

  • Small actions, like doing chores, can have a positive rewards
  • Speak often about WORKING towards goals, instead of the goal itself (i.e. If your child does well in school, point out all of the hard work they did to achieve that good grade, rather than just the good grade)
  • Being positive and having a good attitude towards long-term goals and sacrifice is a great way to teach your child how to save!
  • Teach your child that it is ok to ask for help if they need it! Humans need help, and it’s ok to ask!

By implementing these little things that may have nothing to do with saving money, you will also help your child to see just how important it is to put in the work now, for goals far off into their future!

Rewards

If you work hard, if you put in the hours, if you accomplish your goals, it’s ok to reward yourself! Show your child the final outcome for their hard work. Whether you simply pamper yourself at the end of a long week, or you relish in the new couch you’ve been saving for for months, let your child see the end result! And let them see all of the good things hard work and dedication can bring to fruition!

5 Tips to Teach Your Kid How to Save Up for Their Dreams

Teaching your child about long term goals, saving for their futures, and understanding how all their hard work adds up isn’t an easy task. However, it is one of the most important factors of being a parent! Use these five tips to help your child understand that hard work pays off!

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One Reply to “Teach Your Kids to Save Up for Their Dreams with These 5 Tips”

  1. I really admire how my niece and nephews will save their money to buy something they want. Sometimes, they even pool their money to buy something big, like XBox or Nintendo Switch.

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