It’s never to early to start teaching your kids the value of money, right?
One of Malia’s favorite things to do is find loose change around the house (with mommy and daddy’s supervision, and well out of harm’s way) and put them into her money jar. When it fills up, we’ll exchange them for bills and let her make a deposit at the bank. We want to teach the kids early on how to save money and watch their bank accounts grow.
Here are some more tips we have for saving:
Start Early: We’ve started saving for each baby since they were born, maybe even before. Money received from the baby showers, baptisms and birthdays were put immediately into their own accounts.
Direct Deposit: Set aside a fixed amount to be automatically deposited into accounts. We don’t miss it and we never have to go to the bank.
Investing: We like to look into companies we support, buy from and like. Established companies may not yield high returns in the short term, but in the long term can provide a healthy, stable investment.
Pass on old clothes and toys: I get rid of all of their smaller clothes or old toys to other people who need them. In return, I’ve been given clothes and toys more appropriate for their age, eliminating the need to buy them on my own. A huge savings for our family that could be used appropriately elsewhere.
Share some of your tips and ideas for ways to save money for your family. I’m always looking for more ideas. 🙂