You can put them on the right track by encouraging them to save a certain amount each week towards a realistic goal. Once kids get in the habit, they don't miss the money. What's more, it's hard to beat the exhilaration that comes with buying something you've saved up for. Your child's savings goal could be a special toy or book, a bike, or a computer. To help your child set realistic goals, you should discuss what he wants to buy, find out the price, and figure out how much he'll have to save each week in order to buy it by a certain date.
Visual aids are useful for children.
For a younger child, you could cut out a picture of the desired item and tape it on a glass jar. Every week as the child puts more money in the jar she literally sees the money grow toward her objective. An older child could keep track of savings in a ledger, and redo the calculations each week. You might consider contributing some money too, if it is a big purchase, as long as the money is used specifically for that item. All Rights Reserved.