Teach Children to Save

Today is "National Teach Children to Save" day. As I saw this on my calendar, I had the thought that this is one thing that is probably ignored quite a bit by today's society. All around us are the enticements to satisfy a want with the mentality that the things we want are "needs." I do not profess that I know how to teach children to save because I know how easy it is to ask myself, "Is this a need or is it a want?" When I conclude that it is a want, I still will usually buy it with the justification that I will do better next time. How many of us are like this? And, what is the solution?

In my parent's day, they didn't use credit cards. Thus, when the money ran out, the buying power was gone. I think the adage was, "No mun, no fun."

Perhaps it all comes down to teaching children to have integrity with themselves. If they can ask themselves, "Is it a need? Is it a want? Can I live without it?" and then be honest with themselves when the answer to all three questions is "no." They will learn a self-discipline that will help them throughout their lives.

Another rule a child might give him or herself would be to wait at least 24 hours after deciding that he/she wants to buy an item and see if the item is still important to him/her.

Benjamin Franklin said, "A penny saved is a penny earned." This is so true. Perhaps you could have some fun with this idea and have your child make a bank in which he deposits every penny that he resists spending on something and after a period of time let him count it and evaluate the importance of how much money he/she has saved. I know I have been amazed at how much money collects in a jar when I always put my change in it.

Instant gratification becomes a weakness for all of us. We can set an example for our children by teaching them that we can resist our "toys and goodies" too. Once again, I think I will work on practicing what I preach.