The new year is in full swing, and what better way to start off the year than with money saving tips. Parents are more often than not the source for advice, so with that come some tips to offer your children, to help start a healthy financial life.

  • Return an allowance for chores the children do around the house. This is a great way to teach money management, as well as showing that you have to earn the money you make. Also, try to resist the urge to give advances when extra work is done.
  • Encourage your children to set some sort of financial goal, whether that is saving up for a bike, game console etc. Once they get closer to their goal, this can help them when they are older to stay excited when their investments are going well.
  • A great way to encourage kids to save their money is by matching their contributions. Match the deposits they make into their accounts if they are saving up for something they need or want. Kids may become for likely to save their money, even in the long run when it is matched.
  • Let your children make mistakes, and certain decisions on their own. This will give them independence and also show them that reality of how money works. This will also cause them to reexamine their approach to money.
  • It is very important to show your children how to control temptation when wanting to buy something. This will help them examine if they really want what they are thinking of buying. Some adults will not purchase an item for 24 hours, to ensure whether or not they really need\want it.

This is the time of year when lifestyle, health, finance and many more changes are set to be made, so there is no better time to help instill positive habits in your child's money habits than now.