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REVIEW of Money 29
Teaching Children to Save
starting the saving habit early in life

Kids seem to be hopeless with money. Especially at an early age, values mean nothing to them and they harbour this misguided notion that a pretty-please look or a tearful face can push adults into giving them what they want just to keep the peace. Those parents who do are definitely making a rod for their own backs and doing their children a disservice which could see them making a total mess of their lives. Teaching them that they need to prepare for rainy days when they arrive is the way to go.

Each family is different, as are its members; and a bit of psychology is required to find the best method of encouraging individual kids to save their money. Admittedly, the cash usually comes originally from parents and carers; but handing it over is worthwhile when it can be seen that the child is learning what it can mean to them if they don't blow it straight away. Suggesting that they hold some back for a special need in the future, like a ticket for a rock show, or a really spectacular ball gown might just be the incentive that will see the arise of budget-conscious adults-in-the-making.

Whatever schemes you can think of that will have the kids in your care saving and watching their money grow, these will be your contribution to stability in their later lives that will also make your own so much less stressful.

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