As a kid I remember thinking that the amount of money my parents had to spend was endless. I'd say... "Just write a check!" Not knowing that you actually had to have money in the account for the check to be worth something.
Growing up, my parents always made my siblings and I put at least half of our money into our savings accounts. It didn't matter if it was money we earned from doing chores, from working a job or birthday money. We each had our own savings account for as long as I can remember. I also remember thinking how stupid it was to be forced to save half of my money. Besides, none of my friends had savings accounts.
As I grew older and became an adult, I began to realize and understand what a valuable and important life lesson my parents had taught us. Being smart about money is essential to making ends meet.
Now, as a parent myself, I've taught my children that same important lesson about money, saving and spending. Children learn my example, so I do my best to make smart choices about spending by using coupons and shopping clearance.
It's never to early to start teaching children about money. My children are 11 and 8 years old, but have had a savings account since they were just a few months old. As my parents did with me years ago, the majority of my children's money goes into a savings account or an investment CD.
As a frugal coupon shopper, my children witness money saving tips on a regular basis. Often times I give the coupons to my children so they can help me shop and see first hand just how much money we are saving by making smart choices!
I love being able to show my children exactly how much money we saved by using coupons and shopping clearance. Then we discuss what that savings can do for our family! It can buy more groceries, clothing, other household items, or even be used to do something fun like go out for dinner or to a movie.
My children know that I use coupons and shop clearance in order to provide "more" for our family. I hope that by watching me, my children will learn to be smart about money as well.
It's never too early to teach your children the value of money.
Inspired by Genworth Financial. All opinions are my own.