It’s become common practice to try to get children to learn the habit of saving their allowance, even if it’s only a few cents here or there. Kids as young as five or six can begin learning the value of money using piggy banks, and then later on transfer their savings to a real bank account when they are older.

The most basic way to teach kids about saving would to be to give them a piggy bank as a present. This can help instill in their minds that a piggy bank is something valuable. Teach them to save a portion of their allowance at least once a week. It doesn’t matter how small it is at first for as long as the parent makes sure the amount increases to at least ten or fifteen cents a week.

After a year or so, the parent can introduce different types of ” accounts ” ; one for strictly saving, another for spending and even one for charitable donations. This will allow the child to save up without feeling guilty about spending too much at one time. The account for donations can also be useful for teaching them about the spirit of generosity.

When the child reaches the age of eight or nine, they can transfer their savings to a real bank account. Fortunately, there are many banks that have child- friendly policies, so this can help the youngster get acquainted with a real bank experience.