Kids & Money

What are the benefits of starting to save from a young age?

Starting to earn and save money at a young age helps your child build the foundation of a consistent routine that will stick with them for life. It’s beneficial to start young because good habits are easier to build at a younger age, and your child will have the opportunity to learn the value of money early, setting them up for a lifelong healthy attitude toward money.

Whether your child is selling fruit at the bottom of the driveway or delivering the local newspaper, finding an opportunity for your child to earn and save money introduces them to life skills that will help them well into adulthood. You can help them learn the importance of working hard and being consistent, how to interact with adults, the art of negotiation – and most importantly, that earning and saving can be fun! They’ll build good habits through the repetition of a regular activity, and handling real money will help them learn its value, as a tangible object.

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Watching their bank account grow as they save money will give your child a real sense of accomplishment, helping them understand how satisfying it can be to make concrete progress, with a bit of hard work! When they get older and want to earn more money, they will already be equipped with the skills to help them succeed in a more serious part-time job, with a greater sense of responsibility for their earnings. Because they have a better sense of its value and have learnt the benefits of save some, spend some – their savings will continue to grow! Weaning them off the bank of Mum and Dad will be that much quicker! The Harvard Study of Adult Development has even shown that kids who do chores grow into more successful adults than those that don’t because they learned these skills early!

Helping your child to start earning and saving young is one of the best things you can do for them long-term, and it’s an incredibly effective method to help them learn good financial habits (far easier than unlearning bad habits!). They’ll be able to build good money-saving habits, learn the value of money in a safe environment, and pick up essential life skills, setting them up for consistency throughout their lives, and a financially independent future.

Squeeze the Day! Start today.