5. Save now, spend later. Sometimes your mom's mom was right: You need to save it for a rainy day. If they are constantly spending all they have, or trying to spend all you have, nothing will be left when the unexpected — good or bad — arrives.
Each time your child receives money, encourage him to divide it into three "S" piles: spend, save, share. Talk through the reality of rainy days and happy opportunities that you don't anticipate. Spend some time considering others with less and how your child might help. You can encourage saving and give it a little boost by matching the money they set aside with a set percentage of your funds.
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Short of printing more money for people, The Mint has created a website to encourage savings. Plug in any amount into the "save each year" blank, select the interest rate, decide how many years you’ll save and it calculates the future, total amount of their investment. Compounding interest may not be as exciting as a new video game, but learning to save will score them big points later in life.
Teaching your kids the value of money is an investment both of you can take to the bank!
Saving will come easier for some kids than others. We all have unique perspectives on money, and some money personalities enjoy saving more than others. But everyone can learn, so invest the time to instill the value of money in your children, and someday they may thank you. And those in line with you at the store may even thank you now.
Scott & Bethany Palmer
The Money Couple®
Creators of The 5 Money Personalities™
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Scott & Bethany Palmer are regulars on national TV and radio and speak internationally about The five Money Personalities. To learn more about your Money Personality or take the free, scientific quiz to determine yours, visit www.TheMoneyCouple.com.