by Angela Diggs

Created on: December 03, 2008   Last Updated: December 11, 2008

Teaching children about the value of saving is one of the most important things you can ever do for them. If you instill this ethic in them early, it will be with them all throughout their adulthood. It will make a difference in them as an individual.

So where do you begin as a parent? How do you get their attention? Well, children learn by example. They do what you do, not what you say. As a child growing up, I modeled what my parents did at the time. If they treated people a certain way I did it. Actions speak louder than words.

You start by showing them. This is the best way to teach them. If you manage your money well, they will do the same as you. It is important to understand that children watch you when you don't think they aren't. They look at you off guard. They are like sponges that absorb up everything. They absorb every detail from the beginning to end.

So as their parent it would be beneficial to involve them financially. Let them know that it cost money to maintain a household. Let them know it cost money to buy clothes. You could even give them an allowance for doing chores around the house. You could let them know that if they want to buy a nice toy, they should save there allowance money. This way, the child learns the value of money and conserving. When they have the responsibility, it teaches them more than you could.

Experience is also the best teacher. Sometimes, it's good to sit back and allow your child to experience having a little money. They will get the gist of what it is like to earn and save their own money. When a child has this, it will make them have more respect for you.

We are living in a generation of spending. More youth between the ages of 18 -24 years old are in student debt than ever. People are utilizing credit cards to pay bills. In essence they are putting themselves in more debt. They are using a loan to solve a short term problem. The problem is, they are creating a larger problem by using this card. So you see, the earlier you teach your children about the value of savings the better. You may stop them from making a careless mistake like this. When they are young, their minds are more flexible.

Teach them by implementing it in your life. Teach them by doing money activities with them. Teach them by talking to them about saving. Spend time on the subject. Drill it into there heads until they reach 18. It is essential to raise the next generation up informed. Let them know it is a good idea.

Learn more about this author, Angela Diggs.
Click here to send this author comments or questions.