When you want to take your workout to the next level, many people get a trainer. We get an expert to teach us the right way to do things. Many times, even exercises we’ve been doing for a while could be made more effective by seeing someone demonstrate the “right way” to do it.
Teaching your children to save is no different. Sometimes you just need to show them an example of saving so they can see how to do it.
We’ve talked a lot about how the things your child can do to learn about financial fitness. But your habits matter, too! If you’re budgeting for a big trip or a large purchase, talk to them about it. Show them how you build your budget.
Talk about the things you’re giving to save quicker. Show them that you’re preparing lunch at home or passing up on that expensive cup of coffee. When your child sees you put in a little extra work to reach your goal, they’ll understand why you do it. They’ll see that making a financial plan and sticking to it can be rewarding.
Once they’ve seen the example, help them set their own goals. They can open a first savings account. Make sure it’s a free on, like Texas Trust’s Clubhouse account. Let them watch their own savings build up until the day comes for them to make the purchase. It will be a good exercise in savings that could stay with them for a lifetime.
Remember, the mint makes it first, but it’s up to us to make it last.
-Jainie-
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