[VIDEO] Teaching Children to Save Money on HLN’s The Daily Share

I recently appeared on HLN’s The Daily Share cable TV show to talk about new research showing almost half of Black American families have NO emergency savings fund. It’s also a disappointing trend for American families, in general, who tend to live paycheck to paycheck. The Neighborhood Works America survey new study reported by Black Enterprise Magazine got a lot of feedback online.  According to Black Enterprise, “African American households made up 47% of those without savings, as compared to 19% of Caucasian households. Hispanic families without savings was also disproportionately less (41%) than white families.”

Early in our marriage, it was hard for us to keep a rainy day fund since we lived solely on my husband’s income while I stayed home with A.J. Once I started freelancing, blogging and wrote my e-book for work at home moms in 2011, things got easier as my income grew. Watch the video below for my insight on teaching children to save money, as well money lessons from Frederick Goodall of MochaDad.com. After the video, I’ll share step-by-step how we’re teaching five-year-old A.J. to think long-term about money.

 

 

Teaching Children to Save Money

At five years old, A.J. is proud of his new savings account at Wells Fargo Bank funded by gifts from family and friends. He also has a long-term goal of saving for his first car when he turns 16. So far, the 2015 Mitsubishi Mirage we reviewed tops his list because of its color and size!

Boy's Dream Car

Four Year Old Allowance

He also earns a $1 a week allowance for his chores of emptying waste baskets in our home once a week that I shared in 5 Easy Money Lessons for Children. Another lesson we teach is that you’re only paid for work when you follow the rules. He has lost his allowance at least twice because he didn’t perform his job neatly or in a timely manner.

Talk back to me in the comments: How do you teach your children about saving money? Do they earn an allowance? Have you opened a savings account for them?

5 Easy Money Lessons for Children ~ MommyTalkShow.com

About Joyce Brewer

Creator & Host of Mommy Talk Show. Emmy award-winning TV journalist.Wife & Mommy; Mom Blogger; Social Media Coach; Long Island, New York transplant living in Atlanta, GA. Follow Joyce on Twitter @MommyTalkShow Author of Use What You Know: A Business Idea Guide for Moms featuring interviews with mompreneurs who created businesses using their skills & backgrounds.

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5 comments

  1. Saving money is something I really want to make sure my kids understand how important it really is. We were just building a nest egg when hard times hit. We are hoping things turn around soon but we still make sure the kids put aside something in their piggy banks. When their banks are full we make deposits into their bank accounts. Maybe a goal would motivate them even more to save.

  2. These are great tips! I think it is very important to teach kids from a young age how to handle money and the gratification that comes from saving it buy what you really want!

  3. Kathleen Kennedy-Leon

    I couldn’t agree more with you Joyce, I too wrote a blog about the importance of starting a savings accounts for our kids. They need to learn early and often that saving is important. It is such a valuable lesson and gives great satisfaction to reach a goal and be able to purchase something with monies saved–well done! Hope he get his car when he’s 16!

  4. First of all, what a cutie. I try to teach my children the value of handwork and how to save up for what they want to purchase. I hadn’t been considering long-term goals like buying a car. It’s a great idea to start talking.

  5. We are also trying to teach our kids the value of money and that it’s not something that is just handed to you. you have to work for it. We also take away the “paycheck” if the work isn’t done to satisfactory level. Cause I agree if it’s not done right you don’t get paid, just like in the real world. They need to be ready to face that.

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