Great Money Habits Make Big Dreams Come True – Part 3
11 Ways Teaching Kids Early to Save Money Pays Off!
Start kids financial education early by teaching them to get in the habit of saving money. Several of the skills saving money develops are core components of making big dreams come true – discipline, delayed gratification, confidence, goal setting, choice making, preparation, and positioning. Saving money is the number one great money habit a child can learn. Saving money pays off for everyone! It helps the entire family. Here are eleven ways getting in the habit of saving money pays off for kids and parents.
For kids, getting in the habit of saving money helps: (1) build a “be prepared,” “self reliant,” “asset building” mindset (2) associate money with something other than spending (3) instill discipline (4) teach goal setting and delayed gratification (5) build confidence and esteem (6) protect from poor spending choices (7) position them to address emergencies and opportunities as well as get what they want and need.
For parents, teaching kids to save money early: (1) may help them improve their own financial behavior by serving as a reminder and positive pressure point to practice great money habits (2) lays the foundation to reduce the “gimmes” and reduce family stress (3) lays the foundation for conversations on other great money habits like smart spending, giving, investing, wants and needs, etc. (4) instills pride and confidence they are doing a good job parenting and positioning their children for a lifetime of financial strength and wellness.
Saving money is something kids can actively participate in whether it is listening, nodding, talking, counting or depositing. Songs, stories, activities, games, visits to the bank or credit union are all excellent strategies to help children develop a “saving” and “asset building” consciousness. What makes songs and stories phenomenal as teaching tools are they can be used early in the learning cycle, even as early as when a child is in the womb. As with almost anything, consistency, repetition, and modeling are key factors to achieve mastery.
Find more information and FREE resources on the featured video, S-A-V-E, at the following links in Sammy Rabbit’s Dream Big Resource Center:
2. Vocabulary building activities
3. Journal activities
Additional Recommended Reading
-Penn State: Can babies learn in utero (womb)?
-Cambridge study – Adult money habits are set by age 7
-John Hopkins research – Music enhances learning
-Ron Clark: I use music to attack difficult topics
About Sam X Renick
Sam X Renick is an award winning author, financial educator, and social entrepreneur. He is the founder of the It’s a Habit Company, Inc., and co creator of children storybook character, Sammy Rabbit. Sam and Sammy travel the world sharing songs and stories on great money and reading habits with kids and families.
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