Tips on How to Teach Your Kids to Save
Tips on How to Teach Your Kids to Save

Here are some helpful saving tips for kids... that can serve as good reminders for mom and dad, too.

Value Saving Over Spending

An emphasis on saving teaches your teen patience and goal-setting. Teens should put away at least 5 to 10 percent of each paycheck when working toward a large purchase.

 

Set a Good Example 

What your kids see you do is a lot more powerful than what they hear you say. Let them see you choose saving over spending—and explain why.

 

Sleep on It

Wait a day before making any expensive purchase. You might still buy the item, but more often you might decide you never really wanted it.

 

Limit Credit Cards

Teach kids to save for big purchases instead of taking on debt. Your most powerful wealth-building tool is your income, and when it’s going toward large monthly payments, it’s hard to save and get ahead financially.

Ease into money lessons with Walmart’s help

Give your teen some money-managing experience with your oversight. Set up a checking account or debit account that you can help your teen manage. An option for older teens: a prepaid card under your account, which you can load remotely—and which they can’t overdraw. Visit a Walmart MoneyCenter to learn more about all of Walmart’s financial services options.