Tools to Help Teach Your Children How to Save

Teaching children about money can be a valuable exercise for both parents and children.

For the parent, it can re-enforce those sometimes hard lessons we learnt along the way.

For children, it can establish a smart saving, investing spending pattern for life.

Too often we see others caught in the "spending" trap. Aren't we all guilty of that from time to time. The links included here are a tremendous resource to help our kids to learn vital life skills. I use all these sites with my own children. We hope you find them useful too.
  • Coinland (Commonwealth Bank's fun and engaging online game for children, parents and teachers to further develop the financial literacy of young Australians)
  •  Mtrek (ING Direct's online game about earning, spending, saving and investing for children)
  • Planet Orange (a US site on saving, investing and smart spending - animated, interactive and very good).
  • Young Investor (with a slight U.S. focus, this site has a wealth of information broken up for younger & older kids, parents and teachers). 
  •  Get Rich Slowly Blog for Kids  (the kids version from the blog - Get Rich Slowly)
  •  Understanding Money for Young People ( this page is for teachers, education administrators, and developers of educational materials for schools to support the delivery of financial literacy programs in Australian primary and secondary schools.

And here's one for the parents:
In a book I read a couple of Christmas' ago about building a property portfolio, the author encouraged readers to  change from a "spending" habbit to a "Saving" habbit by saving $1000 over a mont - or $33 per day.

When you get the family involved this target starts to appear realistic and achievable. TRY it. If you succeed over one month, try 12 months.  Pritty soon the family will have a deposit for a house for either residence or an investment property.

(Special thanks to Matthew from Bank Accounts for Children in Australia)

Copyright 2014. My Tax Zone.