MENTORS
  • News
  • Business
  • Self Growth
  • Mentors Collective Podcast
    • Apply As Guest
    • Listen on Spotify
    • Listen on Apple
No Result
View All Result
  • Login
  • Register
MENTORS
  • News
  • Business
  • Self Growth
  • Mentors Collective Podcast
    • Apply As Guest
    • Listen on Spotify
    • Listen on Apple
No Result
View All Result
MENTORS
No Result
View All Result

Incentivize Your Kids to Save Money in 4 Ways

Mentors Collective Staff by Mentors Collective Staff
March 17, 2022
in News
Incentivize Your Kids to Save Money in 4 Ways
Share on FacebookShare on TwitterShare on LinkedIn

A plethora of digital tools and resources enable today’s parents to guide their kids’ financial future to help them become confident and responsible adults

Saving money is the most crucial end goal of teaching kids financial literacy and smart money management. At the end of the day, it all comes down to how much we are able to put away from employment income, allowances and investments. And while saving money may not be as much fun as spending it, there are a few ways that you can entice your kids now and help them grow into responsible and financially savvy adults. As a first step, ask your kids what they would like to save for and help them get there along the way.

  1. Revel in Rewards: The rewards to saving money are indeed limitless, and financial security is something that many adults strive for. However, kids may not be as keen to put money away as they do not have the commitments that adults do. The key is to make saving fun and to give us something to look forward to. Be encouraging and help them find a healthy distraction that does not involve spending money until they meet their target. Once at the finish line and with saving objectives, you can both celebrate. Consider taking them out to see a movie or exempt them from weekend chores as a reward, and they will always associate savings with enjoying quality time.
  2. Research and Compare Prices: The internet is one vast marketplace. With a few clicks of a button, you and your child can take advantage of deals, coupons and promos that can significantly help save money. The exact same item or experience can vary in price between vendors, so a few extra minutes of research can save shoppers a few (or lots) of dollars. What’s more, many vendors and retailers offer price match guarantee, so if your child has already made their purchase but found a better deal elsewhere, a price adjustment can be applied retroactively. Help them draft an email to customer service. That way, you can rest assured that they will never be afraid to ask for their rights as consumers.
  3. Master Digital Tools and Technology: Modern-day debit cards and platforms offer a plethora of options that fit all needs and preferences. Service providers recognize that not all customers are the same. Kids and Gen Z needs from using a financial transaction platform will naturally vary from those of a more mature age groups, so many applications and platforms offer highly customizable packages with learning resources, interactive content and budgeting tools. It is no wonder that kids who use those technologies and seek financial guidance are more likely to have more money stashed away.
  4. Understand Investments: Another way to help your kids save and accumulate more funds is by educating them on smart investment decisions. By investing their savings in the right companies, they can potentially watch their savings value increase dramatically, instead of the money just being stored away or kept in a bank account. Yes, investments might potentially make them rich, but make sure they’ve done their homework and understand the risks and benefits associated with investing.

Do your kids think that saving money is boring? We are sure that either one or all of the above steps will have them want to save more and more.

Listicle on behalf of Peter MacKay, CEO of Euro Asia Pay, the parent company of Hero Financials and SideKick Card.

Tags: adultsconfidentIncentivizekidsmoneyresponsiblesave
Mentors Collective Staff

Mentors Collective Staff

Engineer and active journalist with a huge passion for innovation, social media, health, and business. People inspire me, creativity drives me.

Related Posts

edit post
Tamara
Health

Empowering Fertility: A Conversation with Tamara B. Smith, Fertility Juju Educator

Breaking free from conventional norms, Tamara inspires women to embrace their fertility juju, and tap into their inner magic.

by Lewis Schenk
September 2, 2023
254
edit post
Nadiem
Featured

Diverse Roots, Global Beats: Nadiem Musleh’s Fusion of Cultures in Music and Entrepreneurship

Nadiem Musleh's story shows how music crosses borders and inspires generations to celebrate their own unique stories.

by David Daxsen
September 2, 2023
263
edit post
Kristii
Featured

“Kristii: A Musical Phenomenon from Vienna, Austria, Shaping the Global Music Landscape”

Kristii is a brilliant young singer/songwriter and actor from Vienna, Austria, who is building a name for herself in...

by David Daxsen
August 17, 2023
252
edit post
UX design
Featured

Tina N. Gada, Coach and Mentor, is Empowering Excellence by Unveiling the Human Touch in UX Design and Beyond

Tina's journey spans over 5 years of immersive experience in UX design, enriched by her M.A. in Human-Computer Interaction.

by Mentors Collective Staff
August 15, 2023
259
Next Post
edit post
Mr. Marvel TV – Interview by Mentors Collective 2022

Mr. Marvel TV - Interview by Mentors Collective 2022

Popular posts

  • Unveiling Kirsten Pickworth: Where Value Meets Marketing Magic
  • Unlocking the Power of PR: Annie Scranton and Pace Public Relations
  • A Radical Shift in Inspired Action: Meet Conscious Business!
  • Easy Mode: Why Video Game Adaptations Have Never Made More Sense
  • HeyBambu – Making an Environmental Difference, One Flush at a Time

Popular Tags

American Benefits brand Business business tips career coach covid-19 digital marketing economy employee Entrepreneur entrepreneurship featured finance Health inflation influencer investment Investor job leadership marketing Medical School mentor mentorship money News pandemic personal development plan recession Residency retirement small business social media sponsored startup strategy success tax technology tips work workplace
ADVERTISEMENT
  • About
  • Free Mentorship
  • Show Your Support
  • Become a Contributor
  • Apply As Guest
  • Listen on Apple
  • Listen on Spotify
Mentors Collective Success Magazine

Owned by Otter Love LLC

No Result
View All Result
  • News
  • Business
  • Self Growth
  • Mentors Collective Podcast
    • Apply As Guest
    • Listen on Spotify
    • Listen on Apple

Owned by Otter Love LLC

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version