7 responses

  1. Angell
    February 13, 2012

    Happy Valentines day guys Angell <3

    It is never too early to teach kids how to save money. Piggy banks are great as both teaching tools and fun toys. Nowadays they come in all sizes and shapes. Its a way of attracting the kids to save money..

    _Happy Valentines Day <3

  2. Pam at MoneyTrail
    January 27, 2012

    My favorite part…"making saving mandatory without explaining why is unlikely to teach kids the fundamental money lessons that they need to learn." Ongoing, age appropriate conversations about money are so very important. If money is a taboo topic and restrictions are forced with no explanations, true learning will not take place. David Owen in his book "The Bank of Dad" points out that most kids would rather get $5 that they can use than $50 that is whisked away into a bank account to be used when they are going to college.

    Getting kids actively involved in saving and spending teaches them so much more.

  3. Jana @ Daily Money S
    January 26, 2012

    I think you touch on two good points here–leading by example and teaching them for where they are. My daughter is 5 and she's now beginning to understand the concept of saving for later. The lessons that we teach her are reinforced because that's what we do. For instance, we're planning on going to Disney World again next year and we've started talking about saving for it. It's an easy and effective way to introduce the concept to her while practicing what we preach.

    As parents, we have to take the lead on teaching our kids these skills.

    • YFS
      January 26, 2012

      Kids are so impressionable they watch everything you do and mimic. Leading by example is paramount! Great job on the Disney example of teaching your daughter about money.

  4. Shaun @ Smart Family
    January 26, 2012

    The Brits really know how to start children off the right way. The best thing we have in the US would be the Roth IRA. However, parents can't directly contribute.

    • YFS
      January 26, 2012

      You're right parents cannot directly contribute to the child's Roth IRA. There must be earned income to contribute to a ROTH. What can be done is the parents can gift the child 26k a year via split gifting. Gift the child the money and invest it on their behalf the boom your kid is set :-)

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