Let them earn their pocket money by doing chores in and around the house. This includes making their own bed, cleaning up their rooms, washing dishes, taking the trash out, cleaning the garden, washing dad or mom’s car, offering dinner ideas and other daily tasks.
- Start saving habits from a very young age.
- Let them create their own piggy banks or money bags for fun.
- Get them to save first, before they spend—this will build a key financial habit.
- Pay them for each chore.
- Allow a much better cash incentive if they do chores as a team—this will encourage them to work well in teams.
- A valuable lesson is to let them save for what they want, whether it be a new toy or electronic gadget.
- Help them open an interest-bearing account and let them deposit their savings.
- Make the experience memorable and an act of responsibility by letting them do the bank deposits themselves.
- Let them see their bank statements so they can see how their savings have grown.
- Give a quarterly or annual reward for the one that has saved the most—this will encourage the others to compete.
“Do not save what is left after spending, but spend what is left after saving”—Warren Buffett