Encourage the Children to Contribute to the Family Saving Goal to Teach Them How to Understand Money
You don’t have to save money. If you’re trying to teach your children the importance of saving, get them to tackle the family savings goal by making it a game.
On Credit.com, Certified Financial Planner Taylor Schulte offers a fun suggestion to include the entire family in a savings goal:
“One idea we’ve seen when clients are having fun is to assign each family member a savings goal that is appropriate for their age,” says Schulte. “Maybe it’s $ 1,000 for each parent, $ 500 for the oldest child, and $ 250 for the youngest.”
Using this strategy, everyone will do their best to accumulate their share. At the end of the year, or during a selected period, all money will be pooled and used to book an epic trip.
Moreover, you can go further and make it a rule that the person who reaches the goal is the first to choose the destination.
Your goal should not be limited to vacations. Maybe it’s a trip to the water park. Or a good dinner at a restaurant. Whatever the goal, the goal is to involve everyone. This will make it more fun and also teach your kids how to save money in the process. For more tips, navigate to Credit’s full post at the link below.
6 Ways To Save Money For Next Year’s Summer Vacations | Credit.com