Saving money can start early!

[ 0 ] February 1, 2012 |

Part 3 of our blog series for tips on how to educate youth!

We are always looking for ways to educate our Kirby Club Members with saving their money.  These were successful lessons the Behrends taught and carried thru with their kids. When I asked Cynthia B. a couple of questions for her to share on how she approached saving money with her kids she had this advice: 

When they earned money did they put a certain % in their savings?

“For our family, at least 50% of any birthday or Christmas money needed to be deposited into their savings account.  I then showed them how they made money by not spending it on toys they would grow tired of.  They began thinking before purchasing items they really didn’t want or need and before long they were making the decision of putting 100% of birthday and Christmas money in the credit union because it became a competition between them.

Also, once they started working part-time and summer jobs, they began direct depositing their paychecks.  The money was out of sight therefore; it was out of mind.”

 What lessons do you feel stuck with them the most?

“The lesson that stuck with them the most was to carefully consider before making an impulse buy. Many times their decision changed to saving when they thought about how much they really wanted the item.

A second important lesson that stuck with them was to save while you have no expenses.  Showing them our mortgage payment, utility bills and cell phone bills was a surprising visual when compared to their part-time income.  Kids have no idea the extent of expenses parents incur on a monthly basis.”

Thanks Cynthia, I think its a great lesson to show kids what the monthly expenses in the household are so they get a real sense of cost of living.  Leave your comments if you have taken steps to educate your kids on saving and spending!

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Category: Kids

About the Author ()

Hello! I have been with IAACU since August of 2011. I am a Member Development Rep. You might have talked to me a few times on the phone or through e-mail.

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