Helping Your Child Save Money

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A penny saved is a penny earned.
–Benjamin Franklin, one of the Founding Fathers of the United States

Too many kids spend all their money as soon as they get it. Only 20 percent save money and do it consistently every month. Help kids save their money–and teach them to save well. Here’s how.

Tips for . . .

all parents

  • Make learning about money fun.
  • Talk about how you save money.
  • Be honest about saving difficulties.

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parents with children ages birth to 5

  • Get your child one bank for saving and one for spending.
  • Don’t get in the habit of always buying.
  • Talk about saving in a positive way.

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parents with children ages 6 to 9

  • Give kids weekly allowances.
  • Help your child set savings goals.
  • Make goals short-term and attainable.

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parents with children ages 10 to 15

  • Talk about the importance of saving.
  • Discuss advertising with your kids.
  • Show how you save and spend.

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parents with children ages 16 to 18

  • Encourage your teen to slow down spending.
  • Help your child find ways to earn money.
  • Monitor how your teen handles money.

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