NDSU Extension - Sargent County

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SAVING MONEY

SAVING MONEYOne of my favorite parts of parenting was learning the importance, value and truth of things I learned when I was a kid, but didn’t fully understand or appreciate at the time. 

Take for example, the idea of “saving” money.

Saving money, or postponing spending, is essential because it enables people to meet needs they could not otherwise meet.  It is commonly recommended that we save money with specific goals in mind.

Unfortunately, the principle of goal-oriented saving does not mean much to a person if they do not have well-defined goals, and/or if they are not inclined to delay their gratification.  These are typical characteristics of children, but not necessarily limited to children.

Preteens may save for clothing, gifts and special ventures, but most elementary school students neither understand nor care about long-term savings. In time, they likely will care if parents encourage them to save money according to their abilities and interests at each stage of development. Piggy banks can introduce children to the idea of saving money.

Forming the habit of dropping coins into a piggy bank without thinking about how they’ll be spent isn’t wrong. But saving takes on a whole new importance when you have a goal in mind.

Saving for a goal can inspire people, including children, to take control of their spending habits and plan for future needs.

Helping children learn to save for specific things can be a valuable experience. They will learn that if they don’t spend their money on many small purchases, they can afford more expensive things later.

When children begin setting goals, it is important that parents guide them, but not set the child’s goals for them. Using visual aids, such as pictures, to remind the child of his/her goal for saving money may be helpful.

Adapted from:  NDSU Extension Money and Your Kids Newsletter, March.

Photo Source: https://pixabay.com/photos/piggy-bank-savings-pig-money-child-478158/ (downloaded 2/19/20)

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