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.

4. Consider a matching program

Kacsper Pempel/Reuters/File
A picture illustration shows a 100 Dollar banknote laying on one Dollar banknotes, taken in Warsaw, January 13, 2011. Ramsey advises giving children a dollar for every dollar they save.

When your kids are old enough to read and understand simple addition, go over your bank statements with them. Early on they’ll learn that money can make money with interest. Have the compound interest conversation.

You might even consider setting up a matching program for odd jobs– give them a dollar for every dollar they earned on doing small jobs for friends and neighbors, but only if that money is going right into savings. That’s a great way to help them watch their money grow now, and they’ll be more likely to think about that valuable “employer match” when they finally enter the working force and establish that first 401(k).

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Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

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