This post was underwritten by BMO Harris Bank, which offers a matching $25 on a new savings account opened for your child through their Helpful Steps for Parents program. Learn more at bmoharris.com/parents.
I remember when I was growing up that I never receive allowance. Yes I did chores but it was part of every day living not part of doing it so I could earn money. I remember asking for money and normally it being handed to me. I also remember never being taught the importance of money and saving money. Because it was always just handed to me I never really knew what it was like to earn money and save money.
Once I was old enough to be out on my own I had no idea how to manage money, save money or spend money. I blew everything I made right away and then struggled until the next paycheck. I did not know what a budget was or even how to write a check or get a checking account. I did not know that if I wrote a check without money in the bank than I had to pay that money back plus some. I literally ruined my credit at a very young age.
But as I got older and wiser I guess you could say it finally hit me. What I need to do to make it in life. I had to learn to save money, budget, and make my money last. And ever since than I haven been on a long hard road to building my credit back up. I vowed to teach my children the value of a dollar and how to save, spend, and donate money.
Since our kids were very young we taught them that they had to work for their money and that if they wanted to buy something they could do one of two things. They could either use their own money or if they really wanted it they could borrow from us but they would need to pay us back. We have been teaching them how to make a budget. How to save their money and not spend it right away. We have taught them that if you really want it you need to think about it for at least a week before you purchase it. Research it and make sure you can’t find it anywhere else cheaper.
But most importantly we have taught them the value of a dollar and how to save their money. They don’t waste their money. Both of our youngest kids save their money and even use their own money to buy Christmas presents for the family. Not to bad for a 16 year old and a 10 year old huh???
What are you doing to teach your kids how important saving your money and the value of a dollar?