Save for a goal. Introduce “the envelope system” to your children at an early age by designating separate envelopes for saving and spending toward something specific.
Earn money. When your kids are ready to receive an allowance, talk to them about what housework you’d like them to do in exchange.
Spend wisely. Trips to the grocery store are a great way to teach this. If you have time, do some quick comparison shopping between two different jars of pasta sauce.
Decide between needs and wants. Try playing a game with
them in which you don’t buy the item and then see if they remember about it in a week.
Share. Create a savings jar specifically to donate to a cause they care about, or save up for a gift for a loved one.
Borrow responsibly. Offer to give them a loan for a bike or computer if they save up for half of the money on their own. Sit down and do some research together on how much something costs and the specifics of the “loan agreement.”
