“Monkey See Monkey Do” applies to so many things in life. It even applies to teaching kids about money and how save it/spend it. I love the blog “Moneycrashers” I always learn a new tidbit on money when reading it. It was no suprise when I ran across the post called 11 Ways to Teach Kids How to Save Money written by Miranda Marquit. Many times as nannies we have our “kids” with us when we go shopping for the groceries, clothes and other household items. It probably involves a lot of credit card use too. So how do we help kids learn the value of money and savings.
I love how Miranda used “coupons” when her son was younger and had him save/earn movies by turning in the coupons. What a fantastic idea to encourage good behavior, saving money and being rewarded for those behaviors. She even goes into helping older kids save money too.
How do you encourage positive money habits in your life?
Offer Rewards for Saving Money
Consider rewarding your child for saving his or her money. Much like my credit union, which offers t-shirts and other prizes, you can offer prizes to your children.
For example, if your child doesn’t spend any money for a certain amount of time, provide a small reward or treat. You can also make the prizes better the longer your child saves. Try stickers, an extra 1/2 hour of video games, toys, or whatever motivates your child.