Encouraging your children to start saving young is crucial. Starting these habits at a young age increases the likelihood that your kids will continue saving into adulthood.
I owe a debt of gratitude to my mom for starting my saving habits when I was about five years old. After every birthday, Christmas or any other gift giving holiday, we made a trip to the bank. I was allowed to keep 20 dollars to spend however I chose, but the rest was to be deposited into my savings account. At that age I really had no need for all of that money. It would have been spent on toys or candy which fails in comparison to financial stability.
To make it fun for me as a kid, my mom made the trip a big production. I got to choose a sucker from the teller line, sign my name on the deposit slip and hand the deposit over to the personal banker myself. Saving my money made me feel all grown up, which made me want to do it more. This positive association continues to this day while I am in my mid-twenties. So learning about saving money at a young age by making the task fun for your child will help make the process easier and increase the chances of them maintaining the habit as they become an adult.
Now that I am older I see the benefits of starting these habits young. I have been able to use my savings to pay for college, allowing me to graduate debt free. I have never had to ask my parents for a loan because I have always had a steady savings account to help me through the times when money was tight.
So attention all parents, make saving fun for your kids and see the benefits for years to come! Whether it is an exciting trip to the bank that or a piggy bank at home, you can make saving a fun activity for your little ones.