Daddy and mommy what are your ways to teach your kids how to save money ?

We are a homeschooling family. My husband and I decided to incorporate financial literacy in our kids' education early. We started by 1) giving them a weekly allowance; 2) using money jars labeled "tithe," "savings," "give," and "spend." "Tithe" is the 10% of their allowance that they give back to God and we bring to church. "Savings" is money designated for anything they would like to buy in the future, which in their case is mostly toys. We don't buy them toys because we agreed we spend for their needs not their wants. "Give" is a budget set aside for giving to the needy or for gifts for birthdays etc. "Spend" is the money they spend on what they want. Aside from the tithe, we let them decide the amount they put in each jar. When they turned 7, we opened a bank account that only has a passbook and when they don't have anything to spend their savings on, we deposit it in the bank once the jar is full. It gives them such delight when they see their money increasing as marked in the passbook. We also encourage having an entrepreneurial mindset. At 7, our son wanted to try out an ice candy business in our compound. He was able to pull it off and had a taste of business. Now my 8 year old daughter is making bracelets out of loom bands and beads which she sells so she can save up more. We studied the history of money last year and this year we are studying the "Money for Kids" by Colayco. We also read biographies of entrepreneurs. And there are now children's books written about these business people. Lastly, we encourage sharing and contentment. Money is just a tool and it is meant to help others not satisfy selfish cravings. Money earned needs to be shared. Sharing increases blessing. Sharing makes us more content and thankful.

As parents, we believe in instilling good money habits in our kids from a young age. Here are some of the ways we teach them how to save money: Setting an Example: We lead by example, showing them how we save money ourselves through budgeting, avoiding impulse purchases, and prioritizing saving for goals. Allowance and Savings Jars: We give them a weekly or monthly allowance and encourage them to divide it into different jars for spending, saving, and sharing. This helps them understand the concept of budgeting and saving for the future. Goal Setting: We help them set short-term and long-term savings goals, whether it's for a new toy, a trip, or their college education. Having clear goals motivates them to save. Matching Contributions: To encourage saving even more, we sometimes offer to match a percentage of the money they save towards their goals. This teaches them the value of saving and the benefits of compound interest. Financial Education: We regularly talk to them about basic financial concepts like earning, saving, spending wisely, and the importance of delayed gratification. We involve them in family financial decisions whenever appropriate. Encouraging Entrepreneurship: We support their entrepreneurial endeavors, whether it's starting a small business like a lemonade stand or selling handmade crafts. This not only teaches them about earning money but also about the value of hard work and innovation. Learning from Mistakes: We allow them to make mistakes with their money in a controlled environment. If they spend all their allowance on something impulsive and regret it later, we use it as a teaching moment to discuss the importance of thoughtful spending and saving.

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I am planning to copy what my sister did. When my nieces and nephews are 4 years old (and below), they have 1 piggy bank (each), where they put their money (gifts). When they started schooling, my sister bought another piggy bank (see pic). Then, she explained the meaning of each segment and let the kids decide how much money to put for each item.