Children are like sponges and they soak up every habit their parents show them, which includes saving money. However, gifts that focus on actualizing the increase of money for various purposes serves to increase children’s motivation to save.

Gifts That Will Teach Your Kid How To Save Money Efficiently

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1. Piggy Bank

Piggy banks are natural wonders aimed at teaching children to save money. However, new piggy banks feature a digital counter to show children the exact amount contained in their piggy banks. These systems account for coins and not dollars. However, passing a quarter through a few extra times remedies that. An old fashioned piggy bank is wonderful for teaching children how to count money.

2. Money Chart

A chart serves as a visualization of money saved. Children are enthusiastic about charts and seeing rewards of colorful markers reinforces the benefits of saving money. Use a bar graph with color, stickers or some other method of marking to convey progress. This is easier for kids to understand in contrast to actual dollars and cents.

3. Goal Chart

Goal charts are particularly fun for kids—partly because they are visualization tools and partly because they project goals, how close a child is to completion of those goals and goal actualization. The goals can be monies to be used for a trip, spending spree, a toy or some other aspiration. Keeping a graph to show children how far along they are helps children to understand monies saved thus far.

4. Gift Cards

Gift cards, while serving in the place of money, demonstrate that when money is used, there is less saved. This also serves to teach children about credit cards, how they work and how easy it is to spend with a card in hand. By teaching children about credit, children are sure to not get into trouble with their credit in the future. For example, credit repair by Lexington Law and honest credit restoration companies assist in repairing credit, but it’s better to avoid credit disasters at their onset.

5. Wallet or Change Purse

When children receive wallets or change purses as gifts, the first thing they want to do is to fill them up. Just hearing the jingle of money is exciting and placing more and more adds to the delight.

By being a positive influence on children and gearing them in an environment where saving money is encouraged, children learn the importance and see the true value of what’s in their hand, what they wish to use it for and methods for obtaining it to use wisely.

Article by Annabelle Smyth