Allow your child to pay the cashier for his candy bar. Make up games that help the child distinguish denominations. To spark a passion for savings, Euna Kwon, vice president of public relations and former education manager with Merrill Lynch, suggests parents take their children on a piggy-bank run. The foundation of saving delayed gratification can be one of the most difficult, yet valuable, concepts parents can teach, experts say. That applies to kids, too.
Parents can do little things to help children stay on point.
On his piggy bank, tape a picture of what your child is saving for to help him visualize the goal, or offer a reward for saving, such as a trip to your child's favorite toy store, Kwon suggests. By age 9, many kids are ready to handle a savings account. Here's a perfect segue into the magic of compounding interest. We would give 50 percent interest on what he saved. Keeping teen-agers on the road to wealth is even trickier.