Simple Ways to Encourage your Children to Save

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How do you teach your children the value of a dollar?  We just moved up in our house to a larger jar… effective yesterday.

This is just one way, aside from coupons, that our kids learn the value of money.  My daughter has been putting her money away to save up for a car when she’s 16 (used of course, I would never allow her to buy a new one).

Dave & I keep our change on an daily basis  – we each have a jar on the end of our nightstand and every night, we toss our change from our pocket in the jar.

Each morning my daughter brings the jars down, jumps in the larger jar, and carries the smaller jars back upstairs.

Today I cleaned the truck so I found all kinds of coins stuffed in seats, in the cup holder, in the crevice of the car seat and even under floor mats… Wendy cleaned my purse and found even more loose change to add – some dollars too.

Believe it or not, that change does add up fast.    We either roll it our take to the Coinstar every other month, and the earnings go into a simple savings account at the bank.  We save for their college separately through a simple 529 plan we opened when they were born (which we contribute through automatic draft).

I encourage you to do the same – if not for your kids then for yourselves!  It is an easy way to save up for Christmas, or a trip to Disney.