Your twelve-year-old son or daughter has just gotten his or her first real job. Whether that be babysitting for the neighbours, doing extra chores around the house, or setting up a surprisingly popular lemonade stand, the cash is starting to flow in for them like nothing they've ever experienced before.
It feels good to be at the top of their twelve-year-old game, but it probably doesn't feel too good when they learn the age-old lesson we all learned years ago: money always seems to go out faster than it comes in.
Alas, it doesn't have to. That's another lesson we all learned years ago when we finally discovered the importance of saving. Whether we actually stick to our guns about saving or not - well, that's another journey. Perhaps if we had gotten the practice earlier on in our lives, it would come more naturally to us. That's why it's important that we get our kids into the practice as early as possible. Here's how...
3 ways to teach your kids how to save their hard-earned coin
- Teach your kids how to stash away their cash
Giving them their own Ekomini is a fantastic way to go about doing this. Golden Girl Finance readers learned about the Ekomini earlier this month - the biggest takeaway being in how effectively it will teach your kids about saving and investing.
They probably feel inclined to go on a spending binge - and hey, they've earned it. But a virtual spending binge might be far more adventurous and brag-worthy than one at the corner store.
- Get all your child's friends in on the same game
Sharing is caring - but you don't necessarily want to see your child buying everyone's lunches.
That's why the Ekomini has a sharing feature in which your child can share their virtual funds with friends on the same system. You can get their friends in on the game by giving out the Ekomini as a birthday gift or even talking to parents at school and in the neighbourhood. You might even choose to all go in with a bulk purchase and get your Ekominis in the same shipping package (you'll be the one saving the day with the special discount code included at the bottom of this post).
- Show them how good it feels to see a high savings balance at the end of the month
Earn a dollar, spend a dollar. That's usually how it goes. With the Ekomini, you save what you earn without even realizing it. It's always good to forget about what you've saved - eventually, you look back and realize it's a huge sum. Similarly, your kids are depositing their coin and spending it in a virtual platform - but that money stays right inside the Ekomini.
At some point, you can check the balance and share that information with your child. They'll be amazed and excited to see how well they've done without even trying. You might even reward them with an extra little allowance (consider it interest).
Learn early, learn for life
Rather than struggle to show your child the importance of saving, challenge them to show you that they want to save. Just be ready to watch the tables turn - they might just be the ones questioning your spending habits next time you're out on a shopping run!
Want to know more?
The Ekomini retails for $39.99, but Golden Girl Finance readers are currently being offered a special price of $19.99 plus shipping (enter the promo-code GGIRLF2013). You'll get a bonus wallet for the newest saver of the family if you purchase two or more as well. It might be time to start making those phone calls to other parents in the neighbourhood so you can all go in on a purchase that will change everything.