[homeworker]

It has been a rather financially tight year. I have been trying to teach my son to save, but I don't know if my lectures sink in.

[Justin]

This reminds me of how my mother taught me how to save money. She wouldn't give me the things that I wanted but instead she would tell me that I need to save my allowance if I wanted that thing. I think it work very well because I started saving my allowance for me to buy what I wanted.

She provided my needs like clothings and food but when it comes to wants (toys, video games, gadgets) then I would be the one responsible in buying it.

[BeesWax]

I have an 8 year old and 4 year old sons and I have piggy banks for them. Anytime they receive money I make them put it in their banks and I am planning on opening savings accounts for them this summer. I think it is really important to teach them to save money rather then spend it on toys or junk food.

[sleepyprincess]

Have you thought about coming up with a system where your son can put into practice the money skills you keep trying to teach him? I think the practical, hands-on is really the best way to do it.

[Marian]

Originally Posted by homeworker

It has been a rather financially tight year. I have been trying to teach my son to save, but I don't know if my lectures sink in.

Give him a piggy to start with. Tell him to save money for the thing that he likes to buy. Don't immediately buy him what he wants. Instead, you encourage him to save money and he will be the one to buy that thing.