Turn your kids into super-savers: six tips for parents

Here are six tips for teaching your children to 'power save' and make the most of their money – now and in the future.

6. Be a role model for your kids

Wally Santana/AP/File
In this photo taken on Nov. 11, 2011, a campaign volunteer, right, helps a supporter add coins to a "Piggy Bank" at the opposition Democratic Progressive Party's 2012 presidential candidate Tsai Ing-wen's campaign headquarters in Banciao, northern Taiwan. Ramsey advises parents to be good financial role models for their children.

Kids need and love boundaries. Teaching your child how to save should include lessons on setting short-term and long-term savings goals, making their money work for them at the bank, and allowing them to have small failures with their own money. But they also need to see their parents “walking their talk.” Do you have a saving and spending plan? What do your children observe when you drive by the fancy latte shop or nail salon? Do you model restraint and prudent spending that aligns with your family financial plan? Perhaps it’s time you revisited the basics yourself? It’s a good idea to periodically review your own income and expenses – and to set some power saving goals for yourself. 

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Dear Reader,

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