7-1-1 Rule

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How do I encourage my kids to save money?

7-1-1 Rule

With the economy tight and people still recovering or out of work, it's essential to teach children good money management. Problem is, if the parents don't know it, then how to teach the kids?

Start with this simple rule: 7-1-1.

Whenever your child (or you) wants to buy something with their money, have them wait 7 days. During that time, get them to come up with 1 alterntive to the item (less expensive brand or toy or saving for something else).

Then, ask one other person (an adult or other child who has made a similar purchase).

It should stop a lot of impulse buying for both the parents and children.

It seems simple, but some of the most effective methods are.



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Patricia Walters-Fischer