How Do You Save Money For Kids?
Teaching kids to save money can be a feat. Once you throw in the thought of trying to save for your retirement while saving for their future needs in college, you may begin to wonder where you will find the money for all of it. Well, you can now take a deep breath and relax, because it’s a lot easier than you think. Whenever you child decides to cash in the money they have saved on a toy, have them give you the money instead. In return, pay for the item by using your check card, credit card, or cash. Tell the child, if they ask that once the money is handed to you for the purchase of the item they will not get the money back. Take an empty container, such as an empty coffee can, and begin placing all of the money from the child’s purchase into the container. Do not tell your child about the container. Once you have collected enough money from various transactions from your children, take the money to the bank and open them a savings account or a 529 college savings account (if availabl
