Thursday, February 10, 2011

How Do I Motivate My Son to Save Money?

Children volunteeringImage via Wikipedia

In life I believe most people are not born savers. So take this into account when your trying to help someone change direction. I was a spender for most of my life and did not change direction until I was forced to, out of necessity. Even then it didn't happen overnight, there was a lot of false starts along the way.

Kids are especially tough to motivate. They are usually so immature it's hard to find a way to reach them. They are inundated by a constant barrage of TV ads, showing them nice shiny things to buy. They actually expect their parents to buy them these things. So back to the question; How do I motivate my son to save?

There isn't a one size, fits all answer to the question. Like me you will have to find something your child feels strongly about. Kids always want you to buy them something. This is your opportunity to use the situation to teach a lesson. Showing them that life is about prioritizing todays wants and integrating them into long term goals. 


One technique I have used to teach my kids is to relate a story about my youth. I told them the story about when I was young and went to my parents to buy me a bicycle. I described how they couldn't afford it and told me to save up for it. I had a small job at my Dad's work, sweeping up. I worked many months at that job. Over time I made enough to buy that bicycle. I told them that the way to get things was to work for them. I told them that they must learn WORK=MONEY. My Dad taught me that lesson and I will be sure to teach that to my children.

You must show your kids how present choices affect their future options. Talking to your kids about the things they need and want. Letting them come up with ways to reach their goals. Kids know they have to save for things but they chose not to because they are in the "I want it now" mode. Getting them to stop acting like this, only comes with time.

I am lucky to have 3 out of 5 children that have learned saving is the way to operate. But the other 2 don't quite get the idea and are taking a little longer to catch on. I firmly believe that if your children don't learn to work and make their own way they just could be living with you the rest of your life.

4 comments:

  1. Some good advice. It is tough getting kids to save these days. They always think someone is going to be there to bail them out.

    ReplyDelete
  2. Great post. I think many people's money problems as adults stem from not being taught how hard you have to work for money as a child.

    If you are interested, I'd love to have you guest blog on my new site, The Single Saver (http://www.thesinglesaver.com). Email me (thesinglesaver@gmail.com) if you are interested!

    ReplyDelete
  3. This is a very valuable lesson for all parents to learn. Children learn through observing and if they see you making efforts to earn every penny by working hard and make efforts to save, it will automatically teach them the value of money.

    Source: http://hartfordauto.thehartford.com/Safe-Driving/Your-Life/Planning-For-Today/money-saving-tips.shtml

    ReplyDelete
  4. Wow !! really nice blog. It will be very useful for me. So, thanks for sharing this post.

    ReplyDelete

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