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.
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