2 of 4
It’s important to communicate to kids at any age that the money coming in most likely won’t cover 100% of your wants and needs all of the time. Saving a portion of your income today ensures you’ll have something reserved for when you need it.


    Step 1: Make sure each child has a savings account that’s earmarked specifically for their future.

    Step 2: Recognize that it can be challenging for kids and teens to separate saving for the future (college, a car) from saving for something that might come up in the near-future (a new video game, the ice cream truck).
    To get around this, some experts recommend a child have three piggy banks instead of one: Bank 1 for future saving (this money can go into the savings account you set up), Bank 2 for everyday spending, and Bank 3 for donating to charity (another habit to be encouraged from an early age).

    Step 3: Motivate contributions to future savings by offering to match any money put into that account.