How do your encourage your kids to save their allowance rather than spend it all on the latest fad?

Originally Posted by Green-Moo

How do your encourage your kids to save their allowance rather than spend it all on the latest fad?

Hmmm... well my daughter always wanted to put some of her allowance into savings because she's had a dream of traveling the world since she was a wee little tot. That made encouraging her unnecessary because it was already something she wanted. Otherwise I've never had any restrictions on what she spends it on, and if it's the lastest fad, that's fine. (well unless it's something harmful, of course)

what we do is everyone finds something they want to save up for. be it bike, mask and fins, doll acrfting stuff etc.
Then we get an aquafina bottle, teh one with the wide mouth. Place albel around it with the title of what it is we want.
Now for us we take on little extra jobs. But for our daughter we allow her to spend hera llowance, but when she breaks dollar for change she sets teh residual change into the bottle. then adds up teh pennies and so on. she isnt spending teh entire allowance but saving a bit too. Buttheyd ont feel it this way.

Aty the end of teh month for weks, however long they can hold out they watch their money grow and have more to spend.

Then we encourage a christmas club. one dolalr amonth or what ever change she has to go back in.

just a thought.
julie

I let them use half of their allowance on what they would like but half of it goes into a bank for savings. At first they didn't care for it but then now it seems that they have come around as they see the amount going up.

Talk to them about saving. When they are thinking of spending on something, ask them to consider whether they will want the item in a few months. When they want a big item down the road point out that saving up would help with the purchase. Just getting the logic going in their minds, so they can learn the thinking on their own. Most importantly, set clear boundaries about what will be bought for them and what will not be bought for them. If they spend on everything and a parent buys big items for them because they don't have savings it teaches them there is no reason to save.

Originally Posted by Green-Moo

How do your encourage your kids to save their allowance rather than spend it all on the latest fad?

I usually talk to them about things they could afford with a larger sum of money and teach them that having good control over themselves is a desirable trait .It makes them feel better about themselves realizing they have been able to refrain from spending money quickly.

Mine are toddlers so they have their money put into an account for them. However, when they are older I am tempted to pay them more money if they save it rather than spend it.

My daughter doesn't receive any allowance yet, I give her money from time to time because it makes her feel very rich to hold a couple of coins but she doesn't know the value of it. She is still 5 years old, and we pack her food to bring to school but don't give her an allowance just yet.